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<SEC-DOCUMENT>0001206774-08-001933.txt : 20081126
<SEC-HEADER>0001206774-08-001933.hdr.sgml : 20081126
<ACCEPTANCE-DATETIME>20081126115201
ACCESSION NUMBER:		0001206774-08-001933
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081126
DATE AS OF CHANGE:		20081126
EFFECTIVENESS DATE:		20081126

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
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		081216355

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>dinationalmunicipal_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<P align=center><FONT face=serif size=2>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION </FONT></P>
<P align=center><FONT face=serif size=2>Washington, D.C. 20549 </FONT></P>
<P align=center><FONT face=serif size=2>FORM N-CSR </FONT></P>
<P align=center><FONT face=serif size=2>CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES </FONT></P>
<P align=justify><FONT face=serif size=2>Investment Company Act file number: 811-07410 </FONT></P>
<P align=justify><FONT face=serif size=2>Exact name of registrant as specified
in charter:<BR></FONT><FONT face=serif size=2>Delaware
Investments</FONT><SUP><FONT face=serif size=2>&#174;</FONT></SUP><FONT face=serif size=2> National Municipal Income Fund </FONT></P>
<P align=justify><FONT face=serif size=2>Address of principal executive
offices:<BR>2005 Market Street<BR>Philadelphia, PA 19103 </FONT></P>
<P align=justify><FONT face=serif size=2>Name and address of agent for
service:<BR>David F. Connor, Esq. <BR></FONT><FONT face=serif size=2>2005 Market
Street<BR>Philadelphia, PA 19103 </FONT></P>
<P align=justify><FONT face=serif size=2>Registrant&#146;s telephone number,
including area code: (800) 523-1918</FONT></P>
<P align=justify><FONT face=serif size=2>Date of fiscal year end: March
30</FONT></P>
<P align=justify><FONT face=serif size=2>Date of reporting period: September 30,
2008 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Item 1. Reports to Stockholders
</FONT></P>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="50%" bgColor=#c0c0c0><FONT size=6><FONT face=serif color=#ffffff size=6>&nbsp;&nbsp;&nbsp;&nbsp; Semiannual
      Report</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=5><FONT face=serif color=#ffffff size=5>Delaware <BR>Investments <BR>Closed-End
      <BR>Municipal Bond <BR>Funds</FONT></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=3><FONT face=serif color=#ffffff size=3>September 30, 2008</FONT>&nbsp;
  </FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT size=5><FONT face=serif size=5>Closed-end
      funds</FONT>&nbsp; </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR></TABLE>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><IMG src="gelinvclosend_ncsr1x1x1.jpg" border=0></TD>
    <TD vAlign=bottom width="50%"><IMG src="gelinvclosend_ncsr1x1x2.jpg" border=0></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6>Table of contents</FONT></P>
<P align=justify>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Sector/State allocations and credit
      quality breakdowns</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Statements of net assets</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>4</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Statements of operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>18</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Statements of changes in net
      assets</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>19</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Financial highlights</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>20</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Notes to financial statements</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>24</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; Other Fund information</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>31</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &gt; About the organization</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>33</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1></FONT></P>
<P align=left>&nbsp;&nbsp;</P>
<P align=left><FONT size=1></FONT>&nbsp;</P>
<P align=left><FONT size=1></FONT>&nbsp;</P>
<P align=left>&nbsp;</P>
<P align=left>&nbsp;</P>
<P align=justify><FONT face=serif size=1>Funds are not FDIC insured and are not
guaranteed. It is possible to lose the principal amount invested.</FONT></P>
<P align=justify><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>
<P align=justify><FONT face=serif size=1>All third-party trademarks are the
property of their respective owners.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6>Sector/State allocations and credit
quality <BR>breakdowns</FONT></P>
<P align=justify><FONT face=serif size=2>As of September 30, 2008</FONT></P>
<P align=justify><FONT face=serif size=2>Sector designations may be different
than the sector designations presented in other Fund materials.</FONT></P>
<P align=justify><B><FONT face=serif size=1>Delaware
Investments<BR></FONT></B><B><FONT face=serif size=1>Arizona Municipal Income
Fund, Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>Percentage</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>Sector</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=1><FONT face=serif size=1>of Net
    Assets</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>152.58</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="95%"><FONT face=serif size=1>Education
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>16.51</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" 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 noWrap align=left width="95%"><FONT face=serif size=1>Escrowed to
      Maturity Bond</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6.60</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>19.35</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="95%"><FONT face=serif size=1>Housing Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2.65</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.60</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="95%"><FONT face=serif size=1>Local General
      Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>14.64</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>40.92</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="95%"><FONT face=serif size=1>Special Tax
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>19.96</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>State General Obligation Bond</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.74</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="95%"><FONT face=serif size=1>Transportation
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>7.63</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="95%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>7.92</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="95%"><B><FONT face=serif size=1>Total Value of
    Securities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>152.58</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="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets
      Net of Liabilities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>13.00</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 vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><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="3%"><B><FONT face=serif size=1>(65.58</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%)&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown</FONT></FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>36.56</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="95%"><FONT face=serif size=1>AA</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>38.75</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>10.69</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="95%"><FONT face=serif size=1>BBB</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>14.00</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="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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=justify><B><FONT face=serif size=1>Delaware Investments
<BR></FONT></B><B><FONT face=serif size=1>Colorado Municipal Income Fund,
Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT face=serif size=1>Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>of Net Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>146.06</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="95%"><FONT face=serif size=1>Education
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>24.21</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Electric Revenue Bond</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.29</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="95%"><FONT face=serif size=1>Health Care
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6.78</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.93</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="95%"><FONT face=serif size=1>Lease Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5.72</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13.26</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="95%"><FONT face=serif size=1>Pre-Refunded
      Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>63.58</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13.48</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="95%"><FONT face=serif size=1>State General
      Obligation Bond</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3.50</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue Bond</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.43</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="95%"><FONT face=serif size=1>Water &amp; Sewer Revenue
    Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>10.88</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="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Short-Term
      Investments</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>1.94</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="95%"><B><FONT face=serif size=1>Total Value of
    Securities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>148.00</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 vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Receivables and Other Assets
      Net of Liabilities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>14.63</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="95%"><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="3%"><B><FONT face=serif size=1>(62.63</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%)&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown</FONT></FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>31.80</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="95%"><FONT face=serif size=1>AA</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>48.81</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>8.18</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="95%"><FONT face=serif size=1>BBB</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5.57</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="95%" bgColor=#c0c0c0><FONT face=serif size=1>Not Rated</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.64</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="95%"><B><FONT face=serif size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><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></TABLE><BR>
<P align=right><FONT face=serif size=2><EM><FONT color=#808080>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif color=#b2b2b2 size=6>Sector/State allocations
and credit quality <BR>breakdowns</FONT></P>
<P align=justify><FONT face=serif size=2>As of September 30, 2008</FONT></P>
<P align=justify><FONT face=serif size=2>Sector designations may be different
than the sector designations presented in other Fund materials.</FONT></P>
<P align=justify><STRONG><FONT size=1>Delaware Investments<BR>Minnesota
Municipal Income Fund II, Inc.</FONT></STRONG></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT face=serif size=1>Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT face=serif size=1>of Net Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>144.72</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="94%"><FONT face=serif size=1>Corporate-Backed
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>6.33</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>5.52</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="94%"><FONT face=serif size=1>Electric Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>20.98</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bonds</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>17.90</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="94%"><FONT face=serif size=1>Health Care
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>14.25</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>9.36</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="94%"><FONT face=serif size=1>Lease Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>9.56</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Local General Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>22.70</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="94%"><FONT face=serif size=1>Pre-Refunded
      Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>22.53</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Special Tax Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>4.43</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="94%"><FONT face=serif size=1>State General
      Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>3.30</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="94%" bgColor=#c0c0c0><FONT face=serif size=1>Transportation Revenue
    Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>7.86</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="94%"><B><FONT face=serif size=1>Short-Term Investment</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>0.20</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="94%" 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="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>144.92</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="94%"><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="4%"><B><FONT face=serif size=1>18.01</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="94%" 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="4%" bgColor=#c0c0c0><B><FONT face=serif size=1>(62.93</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%)&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><B><FONT face=serif size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown</FONT></FONT></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"><FONT size=1><FONT face=serif size=1>(as a % of fixed income
      investments)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>31.72</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="94%"><FONT face=serif size=1>AA</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>33.66</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>18.08</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="94%"><FONT face=serif size=1>BBB</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>11.54</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>BB</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2.26</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="94%"><FONT face=serif size=1>B</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=1>0.40</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="94%" bgColor=#c0c0c0><FONT face=serif size=1>Not Rated</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>2.34</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="94%"><B><FONT face=serif size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><B><FONT face=serif size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>%</FONT></B></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=1>Delaware
Investments<BR></FONT></B><B><FONT face=serif size=1>National Municipal Income
Fund </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#ffffff><FONT face=serif size=1>Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>of Net
  Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>151.63</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="95%"><FONT face=serif size=1>Corporate-Backed
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>7.66</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Education Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.45</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="95%"><FONT face=serif size=1>Electric Revenue
      Bond</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3.22</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Health Care Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>20.91</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="95%"><FONT face=serif size=1>Housing Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>14.78</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Lease Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>20.02</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="95%"><FONT face=serif size=1>Local General
      Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9.64</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Pre-Refunded Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9.05</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="95%"><FONT face=serif size=1>Special Tax
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>26.52</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>State General Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.10</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="95%"><FONT face=serif size=1>Transportation
      Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>13.09</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="95%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>18.19</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="95%" bgColor=#ffffff><B><FONT face=serif size=1>Short-Term
      Investments</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>5.29</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>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" 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="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>156.92</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="95%" bgColor=#ffffff><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="3%" bgColor=#ffffff><B><FONT face=serif size=1>11.35</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>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" 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="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(68.27</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>%)&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#ffffff><B><FONT face=serif size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>State</FONT></FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed
      income investments)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2.58</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="95%"><FONT face=serif size=1>California</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2.60</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Florida</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>68.22</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="95%"><FONT face=serif size=1>Georgia</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.47</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Indiana</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.58</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="95%"><FONT face=serif size=1>Iowa</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1.09</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Maryland</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.02</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="95%"><FONT face=serif size=1>Massachusetts</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1.11</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>New York</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6.42</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="95%"><FONT face=serif size=1>Ohio</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1.02</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>Pennsylvania</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.13</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="95%"><FONT face=serif size=1>Puerto
      Rico</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4.56</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>South Carolina</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.64</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="95%"><FONT face=serif size=1>Texas</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>7.47</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="95%" bgColor=#c0c0c0><FONT face=serif size=1>Virginia</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.09</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="95%" bgColor=#ffffff><B><FONT face=serif size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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>
  <TR>
    <TD noWrap align=left width="95%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT size=1><FONT face=serif size=1>Credit Quality Breakdown</FONT></FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#ffffff><FONT size=1><FONT face=serif size=1>(as a % of fixed
      income investments)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>AAA</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>30.22</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="95%"><FONT face=serif size=1>AA</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>53.96</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>A</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9.61</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="95%"><FONT face=serif size=1>BBB</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3.39</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=1>BB</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.47</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="95%" bgColor=#ffffff><FONT face=serif size=1>Not Rated</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2.35</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="95%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" 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>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6>Statements of net assets</FONT></P>
<P align=justify><B><FONT face=serif size=2>Delaware Investments Arizona
Municipal Income Fund, Inc.</FONT></B></P>
<P align=justify><FONT face=serif size=2>September 30, 2008
(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Amount</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="4%" colSpan=2><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;
      152.58%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Education
      Revenue Bonds &#150; 16.51%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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; Arizona
      Board Regents System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue (Arizona State University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series 8-A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 6/1/18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>200,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>205,154</FONT></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 6/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>375,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>380,288</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona
      State University Certificates</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      of Participation (Research</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Infrastructure Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 9/1/30 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>929,510</FONT></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; Arizona
      Student Loan Acquisition</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A-1 5.90% 5/1/24 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,411,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Midwestern University)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 5/15/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>350,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>307,741</FONT></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; Northern
      Arizona University Certificates</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      of Participation (Northern Arizona</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      University Research Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 9/1/30 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>906,010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pima County
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Educational Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Refunding (Tucson County Day</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      School Project) 5.00% 6/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>373,045</FONT></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; South Campus
      Group Student</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Housing Revenue (Arizona State</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      University -South Campus Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.625% 9/1/35 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>923,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University
      of Puerto Rico Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series Q 5.00% 6/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><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=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>857,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,294,113</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Electric Revenue
      Bonds &#150; 9.06%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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; Salt River
      Project Agricultural</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Improvement &amp; Power District</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Electric System Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Salt River Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 1/1/16</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>530,855</FONT></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 1/1/31</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,765,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,696,147</FONT></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series B 5.00% 1/1/25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,225,388</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>3,452,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Escrowed to Maturity Bond &#150; 6.60%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico
      Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Infrastructure Financing Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.50% 10/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,517,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,517,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Health Care
      Revenue Bonds &#150; 19.35%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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; Arizona
      Health Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue (Banner Health) Series D</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.50% 1/1/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>487,780</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glendale
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Hospital Refunding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue (John C. Lincoln Health)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/42</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,158,975</FONT></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; Maricopa
      County Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Catholic Healthcare West) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.25% 7/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>400,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>349,456</FONT></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.50% 7/1/26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>430,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>403,099</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scottsdale
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Hospital Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Refunding (Scottsdale Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.25% 9/1/30</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>439,650</FONT></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; Show Low
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Hospital Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Navapache Regional Medical Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.50% 12/1/17 (ACA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,537,744</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University
      Medical Center</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Hospital Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 7/1/33</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>800,920</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 7/1/35</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>397,445</FONT></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; Yavapai
      County Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Yavapai Regional Medical Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.25% 8/1/21 (RADIAN)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,802,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>7,377,229</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Housing Revenue Bonds &#150; 2.65%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Single Family</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Statewide Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.35% 6/1/20 (GNMA)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (FNMA) (FHLMC) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>435,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>414,634</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series C 5.30% 4/1/20 (GNMA)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (FNMA) (FHLMC) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>370,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>371,746</FONT></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; Pima County
      Industrial Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Single Family</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Mortgage Revenue Series A-1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.125% 11/1/33 (GNMA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (FNMA) (FHLMC) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>40,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>40,301</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico
      Housing Finance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Sub-Cap Foundation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Modernization 5.50% 12/1/18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>175,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>182,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,008,931</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Lease Revenue
      Bonds &#150; 6.60%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></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; Arizona Game
      &amp; Fishing Department</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &amp; Commission Beneficial Interest</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Certificates (AGF Administration</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Building Project) 5.00% 7/1/26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>640,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>581,018</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coconino
      County Unified School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      District #8 (Page Impact Aid</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue Project of 2004) Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 7/1/15 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,043,820</FONT></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; Nogales
      Development Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Municipal Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 6/1/30 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>423,165</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott
      Valley Municipal Property</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 1/1/27 (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>468,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,516,653</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"><FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT face=serif size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Municipal
      Bonds</FONT></B> <FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=1>Local
      General Obligation Bonds &#150; 14.64%</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Coconino &amp; Yavapai Counties Joint</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified
      School District #9</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Sedona Oak
      Creek Project 2007)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      4.25% 7/1/20 (FSA)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>900,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>851,607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT size=2><FONT size=1>&#934;</FONT></FONT></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Gila County
      Unified School</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District #10
      (Payson Step Coupon</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project of
      2006) Series A</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% 7/1/27
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>449,260</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Maricopa County School</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District #6
      (Washington</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elementary)
      Refunding Series A</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%
      7/1/13 (FSA)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>3,238,710</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (School
      Improvement Project of</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001) Series
      B</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/17
      (FSA)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>1,040,920</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>5,580,497</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 40.92%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Arizona School
      Facilities Board</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates
      of Participation</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B
      5.25% 9/1/19-14 (FSA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,087,680</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona School Facilities</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board
      Revenue</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State
      School Improvement)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001
      5.00% 7/1/19-11</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>2,108,360</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State
      School Trust) Series A</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%
      7/1/18-14 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>554,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Arizona Water
      Infrastructure Finance</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue (Water Quality)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.05% 10/1/20-11</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,588,335</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Oro Valley Municipal Property Excise</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax 5.00%
      7/1/20-11 (FGIC)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>1,063,410</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Phoenix Civic
      Improvement Excise Tax</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Senior Lien
      Municipal Courthouse</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project)
      Series A 5.25% 7/1/24-09</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,029,660</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement
      Revenue Series A</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%
      7/1/31-11</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>264,775</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Puerto Rico
      Highway &amp;</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Transportation Authority Series D</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      7/1/32-12 (FSA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>3,475,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>3,712,759</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Scottsdale Industrial Development</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Hospital Revenue</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Scottsdale
      Healthcare)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%
      12/1/31-11</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>1,089,680</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Southern Arizona
      Capital Facilities</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance
      (University of Arizona</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project)
      5.00% 9/1/23-12 (MBIA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,150,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,225,440</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>University of Arizona Certificates</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of
      Participation (University</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Arizona
      Project) Series B</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%
      6/1/22-12 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>532,965</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Virgin Islands
      Public Finance</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue (Gross</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts Tax
      Loan Note) Series A</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%
      10/1/29-10 (ACA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>1,340,575</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>15,598,609</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 19.96%</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona State Transportation Board</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise Tax
      Revenue (Maricopa</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County
      Regional Area Road</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation)
      5.00% 7/1/19</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>761,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Arizona Tourism
      &amp; Sports Authority</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Multipurpose Stadium Facilities)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.00% 7/1/31 (MBIA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>905,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Flagstaff Aspen Place Sawmill</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement
      District</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      1/1/32</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>385,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>350,943</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Glendale
      Municipal Property Series A</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/33
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>2,844,809</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Marana Tangerine Farm Road</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement
      District Revenue</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%
      1/1/26</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>809,020</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Peoria Municipal
      Development</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Sales Tax &amp; Excise</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shared
      Revenue (Senior Lien &amp;</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub Lien)
      5.00% 1/1/18</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,085,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,114,035</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Queen Creek Improvement District #1</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      1/1/32</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>823,350</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>7,608,647</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>State General Obligation Bond &#150; 0.74%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Puerto Rico
      Commonwealth</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding
      Series C-7</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 7/1/27
      (MBIA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>285,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>280,870</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>280,870</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=1>Transportation Revenue Bonds &#150; 7.63%</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Transportation Broad Grant</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticipation
      Notes 5.00% 7/1/14</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>265,888</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Phoenix Civic
      Improvement Airport</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      Series B 5.25% 7/1/27</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (FGIC)
      (AMT)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,713,659</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth Highway</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &amp;
      Transportation Authority</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Un-Refunded
      Balance Series D</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/32
      (FSA)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>1,025,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>930,926</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>2,910,473</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 7.92%</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>Phoenix Civic
      Improvement</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wastewater
      Systems Revenue</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior
      Lien</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/19
      (MBIA)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>850,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>860,761</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/24
      (FGIC)</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=1>1,590,000</FONT></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=1>1,539,343</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>Scottsdale Water &amp; Sewer Revenue</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding
      5.00% 7/1/19</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=1>600,000</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>618,084</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=1>3,018,188</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=1>(cost $60,694,265)</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=1>58,163,750</FONT></B></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face=serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<!-- @@@ PART B -->

<P align=justify><FONT face=serif size=6><FONT color=#c0c0c0>Statements of net
assets</FONT></FONT></P>
<P align=justify><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware
Investments Arizona Municipal Income Fund, Inc.</FONT></FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD noWrap align=left width="99%" bgColor=#ffffff colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#ffffff colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Total Value of Securities &#150; 152.58%</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost
      $60,694,265)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>58,163,750</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><B><FONT face=serif size=1>Receivables
      and Other Assets</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif><STRONG>Net of Liabilities &#150; 13.00%</STRONG></FONT><FONT face=Wingdings>z</FONT></FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>4,955,852</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150; (65.58%)</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(25,000,000</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><B><FONT face=serif size=1>Net Assets
      Applicable to 2,982,200</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif>Shares Outstanding &#150; 100.00%</FONT></B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>38,119,602</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Net Asset Value Per Common Share</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>($38,119,602 / 2,982,200 Shares)</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>12.78</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at September 30, 2008:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face=serif size=1>Common stock, $0.01 par value, 200 million shares</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized
      to the Fund</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>40,780,234</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Distributions in excess of net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,697</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="94%"><FONT face=serif size=1>Accumulated net
      realized loss on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(126,420</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized depreciation of investments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(2,530,515</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="94%"><FONT face=serif size=1>Total net
      assets</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>38,119,602</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&#934;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1><FONT face=serif size=1>Step coupon bond. Coupon increases periodically based on a
      predetermined schedule. Stated rate in effect at September 30,
      2008.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1><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></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=1><FONT face=Wingdings size=1>z</FONT></FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1><FONT face=serif size=1>Of this amount, $4,127,684 represents receivables for securities
      sold as of September 30,
2008.</FONT></FONT></TD></TR></TABLE><BR>
<P align=justify><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 <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</FONT></P>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=justify><FONT face=serif size=2>6</FONT></P>
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<P align=justify><B><FONT face=serif size=2>Delaware Investments Colorado
Municipal Income Fund, Inc.</FONT></B></P>
<P align=justify><FONT face=serif size=2>September 30, 2008
(Unaudited)</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><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="1%"></TD>
    <TD noWrap align=center width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=1>Amount</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><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="91%" bgColor=#c0c0c0 colSpan=2><FONT size=+0><B><FONT face=serif size=1>Municipal Bonds
      &#150; 146.06%</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>Education Revenue Bonds &#150;
      24.21%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Boulder County
      Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (University Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for
      Atmospheric Research)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/26
      (MBIA)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,299,749</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Colorado Educational &amp;
      Cultural</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Bromley
      Charter School Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 5.25% 9/15/32 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>917,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Campus Village Apartments)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 6/1/23</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,065,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>964,879</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Johnson &amp; Wales University Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 4/1/28 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,583,690</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Littleton Charter School Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 4.375% 1/15/36 (CIFG)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>929,412</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(University of Northern Colorado)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 7/1/31 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,275,275</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado State
      Board of Governors</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Colorado University) Series B</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 3/1/35 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,800,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,638,054</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>University of Northern
      Colorado</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 6/1/35 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,852,920</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>15,461,139</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Electric Revenue Bond &#150;
      1.29%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Arkansas River
      Power Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Improvement</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/32 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>824,990</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>824,990</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Health Care
      Revenue Bonds &#150; 6.78%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1><FONT face=serif>Colorado Health
      Facilities</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Evangelical Lutheran) 5.25% 6/1/23</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>899,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(North Colorado Medical Center)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 5.95% 5/15/12 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>880,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>894,529</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Porter Place) Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.00% 1/20/36 (GNMA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,515,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>2,536,428</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4,330,407</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Housing Revenue Bonds &#150;
      1.93%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico
      Housing Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Sub-Cap</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Foundation Modernization</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 12/1/27</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>920,260</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 12/1/18</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>312,429</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,232,689</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Lease Revenue
      Bonds &#150; 5.72%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Glendale Certificates of
      Participation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/25 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,392,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico
      Public Buildings</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue (Guaranteed</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government
      Facilities) Series M-2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 7/1/35 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>700,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>699,937</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Westminster Building
      Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Certificates of Participation</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 12/1/22 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,555,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,559,385</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3,651,382</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=2><FONT face=serif size=1>Local General Obligation Bonds &#150;
      13.26%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Adams &amp;
      Arapahoe Counties Joint</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=1>School District #28J (Aurora)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 12/1/25 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" 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="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,959,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Adams County School District
      #14</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 12/1/31 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>478,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Arapahoe County
      Water &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Wastewater Public Improvement</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 12/1/32 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>952,680</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Bowles Metropolitan
      District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 5.00% 12/1/33 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,867,020</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Centennial Downs
      Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District Refunding</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 12/1/28 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>215,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>201,236</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Green Valley Ranch
      Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District Refunding</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 12/1/19 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,024,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Larimer County
      School District # R1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Poudre Refunding</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 12/15/16</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>524,420</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Sand Creek Metropolitan
      District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding &amp; Improvement</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/31 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>422,370</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Weld County
      School District #Re-4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 12/1/18 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1,042,130</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>8,472,246</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded
      Bonds &#150; 63.58%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Auraria Higher Education
      Center</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Parking Facilities System</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 4/1/26-10 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,485,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,595,980</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Aurora
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 12/1/30-10 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,119,360</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Burlingame Multifamily</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Housing Revenue Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.00% 11/1/29-09 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,290,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,402,439</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado
      Educational &amp; Cultural</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(University of Colorado</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Foundation Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 7/1/27-12 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,248,880</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(University of Denver Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding &amp; Improvement</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 3/1/21-11 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,200,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,395,136</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B 5.25% 3/1/35-16 (FGIC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,625,805</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Colorado Water Resources &amp;
      Power</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Authority Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.80% 11/1/20-10 (FGIC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,220,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,298,690</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=1>Denver City &amp;
      County Excise</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Tax Revenue (Colorado</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Convention Center Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <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% 9/1/20-11 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,672,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face=serif size=1>Denver Convention
Center</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Hotel Authority Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/33-13 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,158,010</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I>
<FONT face=serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6><FONT color=#c0c0c0>Statements of net
assets</FONT></FONT></P>
<P align=justify><B><FONT face=serif size=2><FONT color=#c0c0c0>Delaware
Investments Colorado Municipal Income Fund, Inc.</FONT></FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><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="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <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%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Municipal
      Bonds</FONT></B> <FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded Bonds</FONT> <FONT face=serif size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>E-470 Public Highway Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 9/1/29-10 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,219,960</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 9/1/35-10 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,700,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,824,644</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Eagle County
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.40% 12/1/18-09 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,045,360</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Garfield Pitkin &amp; Eagle County</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>School District #Re-1 (Roaring</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fork County)
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      12/15/27-14 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,614,705</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Northwest
      Parkway Public</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Highway Authority Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      6/15/41-11 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,150,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,424,481</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Pueblo County (Library District Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.80% 11/1/19-09 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,395,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,447,368</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Puerto Rico
      Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Highway &amp; Transportation</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><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="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><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=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>536,180</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Electric Power</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue Series RR</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/35-15 (FGIC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,079,170</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Weld &amp; Adams
      Counties</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>School District #Re-3J</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/15/24-14 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>830,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>893,470</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>40,602,433</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 13.48%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Broomfield Sales &amp; Use Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding &amp; Improvement</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 12/1/31 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>650,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>591,058</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Denver
      Convention Center Hotel</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue Refunding</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/35 (XLCA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,690,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,301,537</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Golden Sales &amp; Use Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Series B</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.10% 12/1/20 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,001,960</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Gypsum Sales Tax
      &amp; General</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Funding Revenue 5.25% 6/1/30</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Assured Gty)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>992,250</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>Regional Transportation District</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Colorado Sales Tax Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Fastracks Project) Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.375% 11/1/31 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,043,688</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.50% 11/1/36 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,526,210</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Westminster
      Supply Purpose Sales</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>&amp; Use Tax Revenue Post Project</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D 5.00% 12/1/22 (FSA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,180,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>1,152,069</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>8,608,772</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><FONT face=serif size=1>State
      General Obligation Bond &#150; 3.50%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>Puerto Rico Commonwealth</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding (Public Improvement)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.50% 7/1/19 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,250,000</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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2,233,575</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>2,233,575</FONT>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Transportation Revenue Bond &#150; 1.43%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Denver City
      &amp; County</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Airport Revenue Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 11/15/25 (FGIC)</FONT></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%"><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="1%"><FONT size=+0><FONT face=serif size=1>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>912,800</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>912,800</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><FONT face=serif size=1>Water
      &amp; Sewer Revenue Bonds &#150; 10.88%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Aurora Water Improvement Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>First Lien Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 8/1/32 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>750,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>703,305</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1><FONT face=serif>Colorado
      Water Resources &amp; Power</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Authority Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Un-Refunded Balance Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.80% 11/1/20 (FGIC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>780,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>781,225</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado Water Resources &amp; Power</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Authority Water</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Resources Revenue (Parker Water</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>&amp; Sanitation District) Series D</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 9/1/34 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,387,680</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 9/1/43 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,864,480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Ute Water
      Conservancy District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 5.75% 6/15/20 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,155,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>2,209,974</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6,946,664</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1><FONT face=serif>(cost
      $95,523,910)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=1>93,277,097</FONT></B></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT><STRONG>Short-Term Investments &#150;
    1.94%</STRONG></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><FONT face=serif size=1>Variable Rate Demand Notes &#150; 1.94%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado Educational &amp; Cultural</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(National Jewish Federation)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D3 4.25% 12/1/37</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(LOC &#150; JP Morgan Chase Bank)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>700,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>700,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D6 4.25% 9/1/38</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(LOC &#150; JP Morgan Chase Bank)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1>Colorado Health
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Sisters Charity Health</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Systems) Series B 7.95% 12/1/38</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(SPA - JP Morgan Chase Bank)</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>240,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=1>240,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>(cost $1,240,000)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>1,240,000</FONT></B></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Value of Securities &#150; 148.00%</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>(cost $96,763,910)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>94,517,097</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face=serif size=1><STRONG>Net of
      Liabilities &#150; 14.63%</STRONG><FONT face=Wingdings>z</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>9,347,412</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=4><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (62.63%)</FONT></B>&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></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>(40,000,000</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face=serif size=1>Net
      Assets Applicable to 4,837,100</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><B><FONT face=serif size=1>Shares
      Outstanding &#150; 100.00%</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><B><FONT face=serif size=1>$</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=1>63,864,509</FONT></B></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Net Asset Value Per Common Share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=1>($63,864,509 / 4,837,100 Shares)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></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="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 size=+0><FONT face=serif size=1>$13.20</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>8</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" noWrap align=left width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><B><FONT face=serif size=1>Components of Net Assets at September 30, 2008:</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>Common stock,
      $0.01 par value, 200 million shares</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face=serif size=1>authorized to the Fund</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>67,202,571</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Distribution in excess of net investment income</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>(152,248</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="94%"><FONT face=serif size=1>Accumulated net
      realized loss on investments</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(939,001</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=1>Net unrealized depreciation of investments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(2,246,813</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="94%"><FONT face=serif size=1>Total net
      assets</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>63,864,509</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1><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></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap 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 noWrap align=right width="1%"><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1><FONT face=serif size=1>Variable rate security. The rate shown is the rate as of September
      30, 2008. </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap 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 noWrap align=right width="1%"><FONT face=Wingdings size=1>z</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=1>Of this amount,
      $5,907,627 represents receivables for securities sold as of September 30,
      2008.<FONT face=serif></FONT></FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face=serif size=1>AMBAC &#151; Insured by the
AMBAC Assurance Corporation<BR>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>LOC
&#151; Letter of Credit <BR>MBIA &#151; Insured by the Municipal Bond Insurance
Association <BR>SPA &#151; Stand by Purchase Agreement <BR>XLCA &#151; Insured by XL
Capital Assurance</FONT></P>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><I><FONT face=serif size=2><FONT color=#c0c0c0>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I>&nbsp;<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><FONT color=#b2b2b2>Statements of net
assets</FONT></FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc.</FONT></B></P>
<P align=left><FONT face=serif size=2>September 30, 2008 (Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><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="2%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=8><B><FONT face=serif size=1>Municipal Bonds &#150;
      144.72%</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" colSpan=5>&nbsp; <FONT face=serif size=1>Corporate-Backed Revenue Bonds &#150; 6.33%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Anoka County Solid Waste</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Disposal (National Rural Utility)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 6.95% 12/1/08 (AMT)</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>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>155,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>155,646</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Cloquet
      Pollution Control Revenue</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding (Potlatch Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.90% 10/1/26</FONT></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>5,500,000</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>4,850,341</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Laurentian Energy Authority I</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Cogeneration Revenue Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>3,325,000</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>2,893,182</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minneapolis
      Community Development</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Agency Supported (Limited Tax</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 6.75% 12/1/25 (AMT)</FONT></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>865,000</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>868,806</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Sartell Environmental Improvement</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(International Paper) Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.20% 6/1/27</FONT></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>1,000,000</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>788,340</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=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>9,556,315</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Education Revenue Bonds &#150; 5.52%</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minnesota State
      Higher Education</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Augsburg College) Series 6-J1</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 5/1/28</FONT></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>1,500,000</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>1,276,245</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(College of St. Benedict) Series 5-W</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 3/1/20</FONT></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>2,000,000</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>1,878,460</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 3/1/24</FONT></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>300,000</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>275,574</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(St. Catherine College) Series 5-N1</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.375% 10/1/32</FONT></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>1,500,000</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>1,319,370</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(St. Mary&#145;s University) Series 5-U</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.80% 10/1/23</FONT></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>1,400,000</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>1,230,040</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(St. Thomas University) Series 5-Y</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 10/1/24</FONT></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>1,000,000</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>936,120</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>St. Cloud Housing &amp;</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (State University</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Foundation Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 5/1/23</FONT></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>1,000,000</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>972,710</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>University of
      the Virgin Islands Series A</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.375% 6/1/34</FONT></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>500,000</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>434,640</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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>8,323,159</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Electric Revenue Bonds &#150; 20.98%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Chaska Electric Revenue Refunding</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Generating Facilities) Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/25</FONT></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>250,000</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>241,015</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minnesota State
      Municipal Power</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Agency Electric Revenue Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 10/1/34</FONT></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>4,500,000</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>3,997,620</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/19</FONT></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>1,610,000</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>1,612,045</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Southern Minnesota Municipal</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Power Agency Supply System</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 1/1/14 (AMBAC)</FONT></FONT> </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="1%" bgColor=#c0c0c0><FONT face=serif size=1>14,000,000</FONT> </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="1%" bgColor=#c0c0c0><FONT face=serif size=1>14,841,260</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 1/1/15 (AMBAC)</FONT></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>3,000,000</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>3,185,010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 1/1/16 (AMBAC)</FONT></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>1,500,000</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>1,588,845</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Western
      Minnesota Municipal</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Power Agency Supply Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 1/1/30 (MBIA)</FONT></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>6,790,000</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>6,208,097</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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>31,673,892</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Escrowed to Maturity Bonds &#150; 17.90%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Dakota-Washington Counties</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Housing &amp; Redevelopment</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Bloomington Single Family</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Residential Mortgage)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>8.375% 9/1/21 (GNMA)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(FHA) (VA) (AMT)</FONT></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>8,055,000</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>10,222,762</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Southern
      Minnesota Municipal</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Power Agency Supply System</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Series B</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 1/1/11 (FGIC)</FONT></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>770,000</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>790,282</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding 5.50% 1/1/15 (AMBAC)</FONT></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>390,000</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>405,085</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Sales Tax</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Civic Center Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.55% 11/1/23</FONT></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>2,300,000</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>2,365,412</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.55% 11/1/23 (MBIA)</FONT></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>4,200,000</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>4,319,448</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1><FONT face=serif>University
      of Minnesota Hospital &amp;</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Clinics 6.75% 12/1/16</FONT></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>2,580,000</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>2,938,362</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>University of Minnesota Series A</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 7/1/21</FONT></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>4,000,000</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>4,262,080</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Western
      Minnesota Municipal</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Power Agency Supply Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 6.625% 1/1/16</FONT></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>1,535,000</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>1,721,303</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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>27,024,734</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Health
      Care Revenue Bonds &#150; 14.25%</FONT> </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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Bemidji Health Care Facilities First</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Mortgage Revenue (North</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Country Health Services)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 9/1/24 (RADIAN)</FONT></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>1,500,000</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>1,353,180</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Glencoe Health
      Care Facilities</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%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Glencoe Regional</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Services Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 4/1/25</FONT></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>2,000,000</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>1,706,280</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Maple Grove Health Care</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Revenue</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Maple Grove Hospital)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 5/1/37</FONT></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>1,750,000</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>1,501,605</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(North Memorial Health Care)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 9/1/29</FONT></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>1,515,000</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>1,324,307</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><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="2%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=8><B><FONT face=serif size=1>Municipal Bonds
      </FONT></B><FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Health Care Revenue Bonds
      </FONT><FONT face=serif size=1>(continued)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>Minneapolis
      Health Care</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>System Revenue (Fairview</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Services) Series D</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 11/15/34 (AMBAC)</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>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>3,250,000</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>2,796,982</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minnesota Agricultural &amp;
      Economic</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Un-Refunded Balance (Fairview</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Care System) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.75% 11/15/26 (MBIA)</FONT></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>100,000</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>100,273</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.375% 11/15/29</FONT></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>195,000</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>197,369</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>North Oaks Senior
      Housing</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Presbyterian Homes)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.25% 10/1/47</FONT></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>1,500,000</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>1,353,915</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Northfield Hospital
      Revenue</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.375% 11/1/31</FONT></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>750,000</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>633,255</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Shakopee Health
      Care Facilities</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (St. Francis Regional</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Medical Center) 5.25% 9/1/34</FONT></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>1,560,000</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>1,301,789</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>St. Louis Park Health Care</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Revenue Refunding</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Park Nicollet Health Services)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series C 5.50% 7/1/23</FONT></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>1,000,000</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>942,070</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>St. Paul Housing
      &amp; Redevelopment</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Allina Health System)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 11/15/18 (MBIA)</FONT></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>2,380,000</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>2,362,697</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Health Partners Obligation</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Group Project) 5.25% 5/15/36</FONT></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>2,000,000</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>1,645,720</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Regions Hospital Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.30% 5/15/28</FONT></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>1,000,000</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>872,920</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>St. Paul Housing &amp;
      Redevelopment</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue (Franciscan</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Project-Elderly)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.40% 11/20/42 (GNMA) (FHA)</FONT></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>2,700,000</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>2,528,658</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Winona Health
      Care Facilities</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding (Winona</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Obligation Group)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/23</FONT></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>1,010,000</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>890,265</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=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>21,511,285</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Housing Revenue
      Bonds &#150; 9.36%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Chanhassen Multifamily
      Housing</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding (Heritage</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=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="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Park Apartments Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>6.20% 7/1/30 (FHA) (AMT)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(HUD Section 8)</FONT></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>1,105,000</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>1,081,132</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Dakota County
      Housing &amp;</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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Single Family Mortgage</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 5.85% 10/1/30</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(GNMA) (FNMA) (AMT)</FONT></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>11,000</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="1%" bgColor=#c0c0c0><FONT face=serif size=1>10,333</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT size=1><FONT size=3>&nbsp;</FONT>@</FONT></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Harmony Multifamily
      Housing</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding (Zedakah</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Foundation Project) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.95% 9/1/20 (HUD Section 8)</FONT></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>1,000,000</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>877,750</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Minneapolis
      Multifamily</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Housing Revenue</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif><FONT size=1><FONT style="BACKGROUND-COLOR: #c0c0c0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=Symbol>&#183;</FONT>(Gaar Scott Loft Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% 5/1/30
      (AMT)</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (LOC - U.S
      Bank N.A.)</FONT> </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="1%" bgColor=#c0c0c0><FONT size=1>930,000</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="1%" bgColor=#c0c0c0><FONT size=1>933,971</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Olson
      Townhomes Project)</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%
      12/1/19 (AMT)</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 size=1>845,000</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 size=1>845,025</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Seward
      Towers Project)</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      5/20/36 (GNMA)</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 size=1>2,000,000</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 size=1>1,798,520</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Sumner
      Housing Project)</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.15% 2/20/45</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA)
      (AMT)</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 size=1>3,575,000</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 size=1>2,917,271</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT size=1><FONT face=Symbol>&#183;</FONT></FONT> </TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minnesota Housing Finance</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Agency Residential Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D 4.75% 7/1/32 (AMT)</FONT></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>1,000,000</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>788,580</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Minnesota State
      Housing Finance</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Agency Revenue</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Rental Housing)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.00% 2/1/35 (AMT)</FONT></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>1,000,000</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>811,950</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D 5.95% 2/1/18 (MBIA)</FONT></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>130,000</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>130,277</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Residential Housing)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series B-1 5.35% 1/1/33 (AMT)</FONT></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>1,770,000</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>1,548,325</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series I 5.15% 7/1/38 (AMT)</FONT></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>1,000,000</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>839,180</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Single Family Mortgage)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series J 5.90% 7/1/28 (AMT)</FONT></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>935,000</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>887,100</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Washington County Housing
      &amp;</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue Refunding (Woodland</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Park Apartments Project)</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>4.70% 10/1/32</FONT></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>750,000</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>664,733</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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></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>14,134,147</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Lease Revenue Bonds &#150;
      9.56%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Andover Economic
      Development</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.125% 2/1/24</FONT></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>202,294</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>215,268</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.<FONT face=serif>20% 2/1/29</FONT></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>402,370</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>432,804</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Puerto Rico Public
      Buildings</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue Un-Refunded</FONT></FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Balance (Guaranteed</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Government Facilities Bonds)</FONT></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%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series D 5.25% 7/1/27</FONT></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>530,000</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>480,026</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>St. Paul Port
      Authority</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=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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Lease Revenue</FONT></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=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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Cedar Street Office</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Building Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/22</FONT></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>2,385,000</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>2,330,884</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 12/1/27</FONT></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>4,800,000</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>4,697,472</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Robert Street Office</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Building Project)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series 3-11 5.00% 12/1/27</FONT></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>3,045,000</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>2,910,929</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series 9 5.25% 12/1/27</FONT></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>2,000,000</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>1,957,280</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>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6><FONT color=#b2b2b2>Statements of net
assets</FONT></FONT></P>
<P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware
Investments Minnesota Municipal Income Fund II, Inc.</FONT></FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2><FONT face=serif size=1>Principal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%" colSpan=2>&nbsp; &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="93%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><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="2%" colSpan=2><FONT face=serif size=1>Value</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=8><B><FONT face=serif size=1>Municipal Bonds
      </FONT></B><FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=serif size=1>Lease
      Revenue Bonds </FONT><FONT face=serif size=1>(continued)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Virginia Housing &amp; Redevelopment</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Health Care Facility</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease
      Revenue</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 10/1/25</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>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>680,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>590,777</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.375% 10/1/30</FONT></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>965,000</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>817,944</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=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>14,433,384</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=5><FONT face=serif size=1>Local General Obligation Bonds &#150; 22.70%</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Anoka-Hennepin
      Minnesota</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Independent School District #11</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding Series A 5.00% 2/1/17</FONT></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>1,000,000</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>1,055,360</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Centennial Independent</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>School District #12 Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/20 (FSA)</FONT></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>800,000</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>833,752</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Dakota County
      Community</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Agency</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Governmental Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding (Senior Housing</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities) Series A</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,100,000</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>1,070,410</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Duluth Independent School</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #709 Revenue</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Certificates of Participation</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 4.25% 2/1/20 (FSA)</FONT></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>1,000,000</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>948,680</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Farmington
      Independent School</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,280,000</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>2,234,149</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,500,000</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>1,457,805</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Hennepin County Regional</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=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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Railroad Authority</FONT></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=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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 12/1/26</FONT></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>2,000,000</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>1,953,200</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Hennepin County
      Series B</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,300,000</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>2,350,968</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>Metropolitan Council Minneapolis-</FONT></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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Waste Water Treatment</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series C 5.00% 3/1/28</FONT></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>500,000</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>489,640</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minneapolis
      Refunding (Sports</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Arena Project) 5.125% 10/1/20</FONT></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>750,000</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>750,915</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Minneapolis Special School District #1</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/19 (FSA)</FONT></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>1,175,000</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>1,192,296</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Moorhead
      Economic Development</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Tax Increment Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A 5.25% 2/1/25 (MBIA)</FONT></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>1,000,000</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>1,002,760</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Moorhead Improvement Series B</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>3,250,000</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>3,066,440</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Morris
      Independent School</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #769 5.00% 2/1/28 (MBIA)</FONT></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>3,750,000</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>3,924,038</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Mounds View Independent</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=serif size=1>School District #621 Series A</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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=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>2,020,000</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>1,999,497</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Robbinsdale
      Independent School</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>500,000</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>501,030</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>St. Michael Independent School</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>District #885</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 2/1/22 (FSA)</FONT></FONT> </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="1%" 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="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>2,084,380</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>1,125,000</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>1,172,464</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Washington
      County Housing &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,705,000</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>1,707,950</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,140,000</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>2,082,263</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Willmar (Rice Memorial Hospital</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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=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>2,500,000</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>2,393,600</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=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>34,271,597</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 22.53%</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Andover Economic
      Development</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>291,106</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>309,777</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>579,021</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>622,816</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Duluth Economic Development</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>System-St. Mary&#145;s Hospital)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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=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>5,000,000</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>5,396,649</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1><FONT face=serif>Metropolitan Council Minneapolis-</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Transportation Revenue</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series C 5.00% 2/1/22-11</FONT></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>1,000,000</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>1,040,320</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Minneapolis Community</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Development Agency (Limited</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Tax Common Bond Fund)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>1,100,000</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>1,170,290</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>1,000,000</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>1,065,140</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Minneapolis
      Health Care</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>3,200,000</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>3,497,984</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,750,000</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>2,984,190</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Minnesota Agricultural &amp; Economic</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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="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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(Fairview Health Care System)</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" 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=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>6,105,000</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>6,626,732</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Puerto Rico
      Commonwealth</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Highway &amp; Transportation</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,000,000</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>1,067,700</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Improvement Revenue Series A</FONT></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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><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=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>1,250,000</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>1,326,863</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face=serif size=1>Puerto Rico
      Public Buildings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Authority Revenue (Guaranteed</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Government Facilities) Series D</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,470,000</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>1,553,555</FONT>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<!-- @@@ PART C -->

<BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="7%" bgColor=#ffffff colSpan=3><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="88%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Municipal Bonds </FONT></B><FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></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="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded Bonds </FONT><FONT face=serif size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Rochester Electric Utility Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      12/1/30-10 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>632,670</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Southern Minnesota Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Agency
      Supply</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      Refunding Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%
      1/1/18-13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3,715,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3,889,642</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>St. Louis Park Health Care</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facilities Revenue (Park Nicollet</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Health Services) Series B</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      7/1/30-14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,351,850</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Waconia Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Ridgeview Medical</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Center
      Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%
      1/1/19-10 (RADIAN)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,405,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,467,565</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>34,003,743</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 4.43%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Minneapolis Art Center Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Walker Art Center</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project)
      5.125% 7/1/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,250,722</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Minneapolis Community</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Agency</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supported
      Common Bond Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5
      5.70% 12/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>375,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>372,848</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Minneapolis Development Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Limited Tax
      Supported</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Bond
      Fund) Series 1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%
      12/1/24 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>926,090</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Infrastructure Financing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Special Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B
      5.00% 7/1/46</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>673,448</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Virgin Islands Public Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue (Senior Lien</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matching
      Fund Loan Notes)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.25% 10/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>454,950</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6,678,058</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>State General Obligation Bonds &#150; 3.30%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Puerto Rico Commonwealth Public</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement
      Refunding Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/16
      (Assured Gty)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>762,473</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      7/1/15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,113,310</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%
      7/1/17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,109,405</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding
      5.50% 7/1/19 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>992,700</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Government</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Bank Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes Series
      B 5.00% 12/1/14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,006,630</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4,984,518</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Transportation Revenue Bonds &#150; 7.86%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>Minneapolis-St. Paul Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><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="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series
      A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/22
      (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,887,200</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/28
      (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,120,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,964,053</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/16
      (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,035,320</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series
      B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/35
      (AMBAC)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,820,480</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/24
      (FGIC) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>885,390</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Parking Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Block 19
      Ramp Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.35% 8/1/29 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,350,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,271,643</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>11,864,086</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>(cost $225,454,462)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>218,458,918</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=7>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT><STRONG>Short-Term Investment &#150;
    0.20%</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" 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%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Variable Rate Demand Note &#150; 0.20%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>St. Paul Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Pur-Cretin-Derham Hall Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%
      2/1/26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>300,000</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>Total Short-Term Investment</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>(cost $300,000)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>300,000</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="99%" bgColor=#ffffff colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Value of Securities &#150; 144.92%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>(cost $225,754,462)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>218,758,918</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>Receivables and Other Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1><STRONG>Net of Liabilities &#150; 18.01%</STRONG><FONT face=Wingdings size=1>z</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>27,191,459</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=4><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (62.93%)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(95,000,000</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1></FONT></B><STRONG><FONT size=1>Net Assets Applicable to
      11,504,975</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><B><FONT face=serif size=1>Shares Outstanding &#150; 100.00%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>150,950,377</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="99%" bgColor=#ffffff colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Net Asset Value Per Common Share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>($150,950,377 / 11,504,975 Shares)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;13.12</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="99%" bgColor=#ffffff colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=4><B><FONT face=serif size=1>Components of Net Assets at September 30,
      2008:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff colSpan=4><FONT face=serif size=1>Common stock, $0.01 par value, 200 million
    shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="87%" bgColor=#ffffff><FONT face=serif size=1>authorized to the Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>158,750,422</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=4><FONT face=serif size=1>Distributions in excess of net investment
    income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(39,949</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff colSpan=4><FONT face=serif size=1>Accumulated net realized loss on investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(764,552</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Net unrealized depreciation of investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(6,995,544</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Total net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>150,950,377</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp;
</TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap 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 noWrap 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 noWrap 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 September 30,
    2008.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=Wingdings size=1>z</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT size=1>Of this amount,
      $42,418,567 represents receivables for securities sold and $18,400,524
      represents payables for securities purchased as of September 30,
      2008.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>@</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face=serif size=1>Illiquid Security. At
      September 30, 2008 the aggregate amount of illiquid securities was
      $877,750, which represented 0.58% of the Fund&#146;s net assets. See Note 8 in
      &#147;Notes to financial statements.&#148;</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT size=2><FONT color=#808080>(continues)</FONT>
</FONT></I><FONT size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT size=6><FONT color=#b2b2b2>Statements of net
assets</FONT></FONT></P>
<P align=justify><B><FONT size=2><FONT color=#b2b2b2>Delaware Investments
Minnesota Municipal Income Fund II, Inc.</FONT></FONT></B></P>
<P align=justify>&nbsp;</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%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face=serif size=1>Summary of
      Abbreviations:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>AMBAC &#151; Insured by the
      AMBAC Assurance Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>AMT &#151; Subject to
      Alternative Minimum Tax</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>Assured Gty &#151; Insured by
      Assured Guaranty Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FGIC &#151; Insured by the
      Financial Guaranty Insurance Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FHA &#151; Insured by the
      Federal Housing Administration</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FNMA &#151; Insured by Federal
      National Mortgage Association</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FSA &#151; Insured by Financial
      Security Assurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>GNMA &#151; Insured by
      Government National Mortgage Association</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>HUD &#151; Housing and Urban
      Development</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>LOC &#151; Letter of
      Credit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>MBIA &#151; Insured by the
      Municipal Bond Insurance Association</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>RADIAN &#151; Insured by Radian
      Asset Assurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>VA &#151; Insured by the
      Veterans Administration</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=justify><FONT size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT size=2>Delaware Investments National Municipal Income
Fund</FONT></B></P>
<P align=justify><FONT size=2>September 30, 2008 (Unaudited)</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><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="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1></FONT></TD>
    <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%" colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><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 colSpan=2><B><FONT face=serif size=1>Municipal Bonds &#150;
      151.63%</FONT></B></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="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff colSpan=3><FONT face=serif size=1>Corporate-Backed Revenue Bonds &#150; 7.66%</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Brazos, Texas Harbor Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Environmental</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Facilities Revenue (Dow Chemical</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project)
      5.90% 5/1/38</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>221,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Chesapeake, Virginia Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Pollution</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control
      Revenue (Virginia</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Electric &amp; Power Project) Series A</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%
      2/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>490,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Iowa Finance Authority Pollution</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control
      Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding
      (Interstate Power)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/14
      (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>491,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Jasper County, Indiana Pollution</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control
      Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B
      5.60% 11/1/16 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>265,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>261,468</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Tobacco Settlement Financing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue, New
      York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Asset-Backed) Series A-1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/1/21
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>496,309</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Tobacco Settlement Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management
      Authority,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South
      Carolina Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      6/1/18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>295,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>283,153</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,244,820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Education Revenue Bonds &#150; 3.45%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>California Statewide Communities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Student Housing Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Irvine, LLC
      - UCI East Campus)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%
      5/15/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>470,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>460,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Marietta, Georgia Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Life
      University Income Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%
      6/15/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>230,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>211,612</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Maryland State Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Student Housing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (University of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Maryland College Park Projects)</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%
      6/1/33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>370,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>339,046</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,011,220</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Electric Revenue Bond &#150; 3.22%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face=serif size=1>JEA
      Florida Electric Systems Revenue</FONT></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3-A
      5.00% 10/1/34 (FSA)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,000,000</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="3%"><FONT face=serif size=1>944,460</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>944,460</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face=serif size=1>Health
      Care Revenue Bonds &#150; 20.91%</FONT></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Albany, New York Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Agency Civic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Facility Revenue (St. Peter&#145;s</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Hospital Project) Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.25% 11/15/32</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>425,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>Allegheny
      County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face=serif 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="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face=serif 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="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face=serif 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="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">
      <P>&nbsp;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face=serif 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=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>507,655</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Health Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Banner Health) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      1/1/17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>310,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>306,063</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Escambia County, Florida Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (VHA Loan
      Program)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95% 7/1/20
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>355,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>360,392</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Lee Memorial Health System Board</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Directors
      Florida Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/20
      (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>986,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Maryland State Health &amp; Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Johns Hopkins Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Systems)
      5.00% 5/15/48</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>115,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>119,123</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Massachusetts State Health &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Caregroup) Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-2
      5.375% 7/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>491,355</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Ohio State Higher Education Facility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission
      Revenue (Cleveland</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clinic
      Health System Obligation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group)
      Series A 5.25% 1/1/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>475,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>460,361</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Orange County, Florida Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Orlando
      Regional Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      6.25% 10/1/18 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,142,999</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Scottsdale, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital
      Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Scottsdale
      Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.00% 9/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>360,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>324,821</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,125,409</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Housing Revenue Bonds &#150; 14.78%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>California Housing Finance Agency</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Home Mortgage)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M
      5.95% 8/1/25 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>238,038</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Florida Housing Finance Agency</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Homeowner
      Mortgage) Series 2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% 7/1/29
      (MBIA) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>330,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>333,746</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leigh
      Meadows Apartments)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series N 6.30% 9/1/36 (AMBAC)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AMT) (HUD
      Section 8)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,510,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,439,267</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Volusia County, Florida Multifamily</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing
      Finance Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (San Marco
      Apartments) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% 1/1/44
      (FSA) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,317,270</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4,328,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Lease Revenue Bonds &#150; 20.02%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Broward County, Florida School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif 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=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>955,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Florida State Municipal Loan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif 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="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif 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=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,792,620</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif size=2><FONT color=#808080>(continues)</FONT>
</FONT></I><FONT face=serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6><FONT color=#b2b2b2>Statements of net
assets</FONT></FONT></P>
<P align=justify><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware
Investments National Municipal Income Fund</FONT></FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" bgColor=#ffffff colSpan=2><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 colSpan=2><B><FONT face=serif size=1>Municipal Bonds
      </FONT></B><FONT face=serif size=1>(</FONT><B><FONT face=serif size=1>continued</FONT></B><FONT face=serif size=1>)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Lease Revenue Bonds </FONT><FONT face=serif size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>New York State Dormitory Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues
      State Supported</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt (Mental
      Health Services</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Improvement) Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      2/15/19 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>550,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>553,548</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Orange County, Florida School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.00% 8/1/27 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,160,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Palm Beach County, Florida School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D
      5.00% 8/1/28 (FSA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,403,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>5,865,378</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Local General Obligation Bonds &#150; 9.64%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Harris County, Texas Flood Control</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District
      Refunding Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      10/1/18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,043,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>New York City, New York Fiscal 2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Series
      A-1 5.25% 8/15/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>248,783</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Northside, Texas Independent School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District
      5.25% 8/15/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(PSF Guaranteed)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,015,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Waco, Texas Independent</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School
      District Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      8/15/19 (PSF Guaranteed)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>514,730</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,823,373</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&#167;Pre-Refunded Bonds &#150; 9.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Florida State Board of Education</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif 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="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C
      6.00% 6/1/21-10 (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,066,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highway
      &amp; Transportation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue Series K</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      7/1/40-15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>536,180</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1><FONT face=serif>Tampa, Florida Utility Tax</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif 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="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif 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=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,047,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,649,820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Special Tax Revenue Bonds &#150; 26.52%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Florida State Department of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Transportation (Right of Way)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/31
      (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,525,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,451,266</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Jacksonville, Florida Sales Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (Better Jacksonville)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/30 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,434,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1><FONT face=serif>Jacksonville, Florida
    Transportation</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue 5.25% 10/1/29 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,979,919</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=Symbol size=1>W</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Miami-Dade County, Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special
      Obligation (Capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation
      &amp; Income) Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/35 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,563,080</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>New York State Toll Way Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State
      Personal Income Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue -
      Transportation)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.00% 3/15/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>425,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>419,178</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Seminole County, Florida Sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1><FONT size=3><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT>5.00% 10/1/31 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>920,510</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,768,403</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>State General Obligation Bonds &#150; 5.10%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Refunding (Public Improvement)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Series A</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.00% 7/1/16 (Assured Gty)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>254,158</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>5.50% 7/1/19 (MBIA)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,250,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,240,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,495,033</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Transportation Revenue Bonds &#150; 13.09%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Florida Ports Financing Commission</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Revenue (State Transportation</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust&nbsp;Fund)
      5.375% 6/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MBIA)
      (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>874,860</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Miami-Dade County, Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviation
      Revenue (Miami</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      International Airport) Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/37 (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,960,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,721,291</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>North Texas Tollway Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (First Tier) Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      6.00% 1/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>523,055</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Triborough, New York Bridge &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tunnel
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
      5.00% 11/15/17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>335,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>349,931</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Symbol size=1></FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=Symbol>&#183;</FONT>Series B-3 5.00% 11/15/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>350,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>365,166</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>3,834,303</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Water &amp; Sewer Revenue Bonds &#150; 18.19%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Arizona Water Quality Infrastructure</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance
      Authority Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>517,920</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>California State Department Water</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Resources (Central Valley Project)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
      AE 5.00% 12/1/20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>460,085</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Cape Coral, Florida Water &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Sewer Revenue</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%
      10/1/31 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>876,760</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>JEA Florida Water &amp; Sewer Systems</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B
      5.00% 10/1/25 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>941,020</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Riviera Beach, Florida Utility Special</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District
      Water &amp; Sewer Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/34 (FGIC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,031,747</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Village Center Community</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      District, Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/36 (MBIA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>670,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>582,103</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Winter Haven, Florida Utility Systems</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif 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=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>919,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5,329,535</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><B><FONT face=serif size=1>Total Municipal Bonds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>(cost $47,629,193)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>44,420,075</FONT></B></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Principal</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" bgColor=#ffffff colSpan=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 colSpan=2><FONT face=serif size=1><FONT face=Symbol>&#183;</FONT><STRONG>Short-Term Investments &#150;
    5.29%</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2>&nbsp;<FONT face=serif size=1>Variable Rate Demand Notes &#150; 5.29%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Allegheny County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial
      Development Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
      (Oakland Catholic High</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School
      Project) 8.25% 6/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (LOC &#150; PNC
      Bank N.A.)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Colorado Educational &amp; Cultural</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority (National</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jewish
      Federation)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-3
      4.25% 12/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (LOC - JP
      Morgan Chase Bank)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>200,000</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 colSpan=2><FONT face=serif size=1>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-6
      4.25% 9/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (LOC &#150; JP
      Morgan Chase Bank)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>Massachusetts State Health &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Harvard
      University) Series R</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="89%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%
      11/1/49</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Total Short-Term Investments</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>(cost $1,550,000)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>1,550,000</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#ffffff colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>Total Value of Securities &#150; 156.92%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (cost $49,179,193)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </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 colSpan=2><B><FONT face=serif size=1>45,970,075</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2>&nbsp;<B><FONT face=serif size=1>Receivables and Other Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>Net of Liabilities &#150; 11.35%</STRONG></FONT><FONT face=Wingdings size=1>z</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>3,324,366</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff colSpan=4><B><FONT face=serif size=1>Liquidation Value of Preferred Stock &#150;
      (68.27%)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff colSpan=2><B><FONT face=serif size=1>(20,000,000</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>Net Assets Applicable to 2,422,200</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>Shares Outstanding &#150; 100.00%</STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" 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><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><B><FONT face=serif size=1>29,294,441</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#ffffff colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2>&nbsp;<FONT face=serif size=1>Net Asset Value Per Common Share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2>&nbsp; &nbsp;
      &nbsp; &nbsp;<FONT face=serif size=1>($29,294,441 / 2,422,200
      Shares)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></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>$12.09</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="1%" bgColor=#ffffff></TD>
    <TD width="98%" bgColor=#ffffff colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff colSpan=4><B><FONT face=serif size=1>Components of Net Assets at September 30,
      2008:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=4><FONT face=serif size=1>Common stock, $0.01 par value, unlimited
shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      authorized to the Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><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="94%" bgColor=#ffffff colSpan=4><FONT face=serif size=1>Distributions in excess of net investment
    income</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 colSpan=2><FONT face=serif size=1>(13,608</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="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Accumulated net realized loss on investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>(783,454</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="90%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>Net unrealized depreciation of investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#ffffff colSpan=2><FONT face=serif size=1>(3,209,118</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="90%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Total net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" 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="2%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>29,294,441</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=Symbol size=1>&#87;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>Step coupon
      bond. Indicates security that has a zero coupon that remains in effect
      until a predetermined date at which time the stated interest rate becomes
      effective.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>Pre-Refunded
      bonds. Municipals that are generally backed or secured by U.S. Treasury
      bonds. For pre-refunded bonds, the stated maturity is followed by the year
      in which the bond is pre-refunded. See Note 8 in &#147;Notes to financial
      statements.&#148;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=Symbol size=1>&#183;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>Variable
      rate security. The rate shown is the rate as of September 30,
    2008.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=Wingdings size=1>z</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face=serif size=1>Of this
      amount, $3,006,598 represents receivables for securities sold as of
      September 30, 2008.</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face=serif size=1>Summary of
      Abbreviations:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>AMBAC &#151; Insured
      by the AMBAC Assurance Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>AMT &#151; Subject
      to Alternative Minimum Tax</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>Assured Gty &#151;
      Insured by Assured Guaranty Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FGIC &#151; Insured
      by the Financial Guaranty Insurance Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>FSA &#151; Insured
      by Financial Security Assurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>HUD &#151; Housing
      and Urban Development</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>LOC &#151; Letter of
      Credit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>MBIA &#151; Insured
      by the Municipal Bond Insurance Association</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>PSF &#151; Permanent
      School Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=1>VHA &#151; Veterans
      Health Administration</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6>Statements of operations</FONT></P>
<P align=justify><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<P align=justify><FONT face=serif size=2>Six Months Ended September 30, 2008
(Unaudited)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Delaware</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Investments</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Arizona</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Colorado</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Income</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund
      II, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Interest</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,555,451</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>2,575,189</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=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>6,424,846</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>1,243,783</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Management fees</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>132,685</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>217,369</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>516,499</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>104,893</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Interest and related expenses</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>152,154</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Remarketing agent fees</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>31,772</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>51,389</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>120,729</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>25,833</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Legal fees</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>14,345</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>24,151</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>41,493</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13,744</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Accounting and administration expenses</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>13,269</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>21,737</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>51,652</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>10,490</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Reports and statements to shareholders</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,782</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>13,405</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>28,034</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,783</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dividend disbursing and transfer agent fees and expenses</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>8,708</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>12,938</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>35,956</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>15,026</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Rating agency fees</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,713</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,400</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>17,081</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,713</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Audit and tax</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6,537</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>7,244</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>9,672</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>6,335</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Taxes (other than taxes on income)</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,000</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,763</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,251</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pricing fees</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,229</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,614</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>5,827</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,609</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Stock exchange fees</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,371</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,224</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5,698</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,114</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Directors&#146;/Trustees&#146; fees</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,070</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,780</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>4,228</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>842</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Insurance fees</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>722</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>951</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7,815</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>460</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Custodian fees</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>443</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>646</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,399</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>438</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Registration fees</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>254</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>254</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>254</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>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>254</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dues
      and services</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>247</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>647</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,448</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>362</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Consulting fees</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>187</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>308</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>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="3%" bgColor=#c0c0c0><FONT face=serif size=1>143</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Directors&#146;/Trustees&#146; expenses</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>80</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>133</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>315</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>63</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>233,414</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>368,953</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,003,243</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>195,102</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Less
      expense paid indirectly</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(420</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(606</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(1,352</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(416</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="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Total operating expenses</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>232,994</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>368,347</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,001,891</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>194,686</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff><B><FONT face=serif size=1>Net Investment Income</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,322,457</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>2,206,842</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>5,422,955</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,049,097</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net Realized and Unrealized 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net realized loss on investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(115,854</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="3%"><FONT face=serif size=1>(701,187</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="3%"><FONT face=serif size=1>(815,802</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="3%"><FONT face=serif size=1>(582,764</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net
      change in unrealized appreciation/depreciation of investments</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,066,599</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(4,190,499</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(11,537,797</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(2,487,064</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="76%"><B><FONT face=serif size=1>Net Realized
      and Unrealized Loss on Investments</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(3,182,453</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(4,891,686</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(12,353,599</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(3,069,828</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face=serif size=1>Dividends on Preferred Stock</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(419,715</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(713,832</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,627,191</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(335,772</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="76%"><B><FONT face=serif size=1>Net Decrease
      in Net Assets Resulting from Operations</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(2,279,711</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(3,398,676</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(8,557,835</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(2,356,503</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=6>Statements of changes in net
assets</FONT></P>
<P align=justify><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="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Delaware Investments</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Arizona Municipal</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Colorado Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT face=serif size=1>Income Fund, Inc.</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Six
      Months</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Year</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Six
      Months</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Year</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>9/30/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>9/30/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>(Unaudited)</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>(Unaudited)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,322,457</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,702,193</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,206,842</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>4,531,590</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net
      realized gain (loss) on investments</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(115,854</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="3%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(701,187</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>258,749</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of
      investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(3,066,599</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="3%"><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="3%"><FONT face=serif size=1>(4,190,499</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="3%"><FONT face=serif size=1>(3,201,151</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dividends on preferred stock</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(419,715</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(999,630</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(713,832</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,516,756</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="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net increase (decrease) in net assets resulting from
      operations</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="3%"><FONT face=serif size=1>(2,279,711</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(630,051</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(3,398,676</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>72,432</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(894,660</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="3%"><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="3%"><FONT face=serif size=1>(1,709,915</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="3%"><FONT face=serif size=1>(3,482,712</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(172,967</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(672,357</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="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(894,660</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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(1,992,109</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(1,709,915</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(4,155,069</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,174,371</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="3%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(5,108,591</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="3%" 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></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Beginning of period</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="3%"><FONT face=serif size=1>41,293,973</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="3%"><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="3%"><FONT face=serif size=1>68,973,100</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="3%"><FONT face=serif size=1>73,055,737</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>End
      of period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>38,119,602</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>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=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>63,864,509</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>68,973,100</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Undistributed (Distributions in excess of) net investment
      income</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,697</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(15,481</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(152,248</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>37,773</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Delaware Investments</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Minnesota Municipal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>National Municipal</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Income Fund II, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=5><FONT face=serif size=1>Income Fund</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Six
      Months</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Year</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Six
      Months</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Year</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>Ended</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>9/30/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>9/30/08</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>3/31/08</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>(Unaudited)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face=serif size=1>(Unaudited)</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,422,955</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>11,067,616</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,049,097</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,225,929</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net
      realized gain (loss) on investments</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(815,802</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="3%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(582,764</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="3%" 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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net change in unrealized appreciation/depreciation of
      investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(11,537,797</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="3%"><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="3%"><FONT face=serif size=1>(2,487,064</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="3%"><FONT face=serif size=1>(2,402,718</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dividends on preferred stock</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,627,191</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,654,473</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(335,772</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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(789,957</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="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net decrease in net assets resulting from
      operations</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="3%"><FONT face=serif size=1>(8,557,835</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(245,180</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(2,356,503</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(1,167,436</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Net investment income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(3,796,642</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="3%"><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="3%"><FONT face=serif size=1>(714,549</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="3%"><FONT face=serif size=1>(1,616,819</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(106,577</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(3,796,642</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><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 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>(714,549</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=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(1,723,396</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(12,354,477</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="3%" 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="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,071,052</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="3%" 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></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Beginning of period</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="3%"><FONT face=serif size=1>163,304,854</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="3%"><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="3%"><FONT face=serif size=1>32,365,493</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="3%"><FONT face=serif size=1>35,256,325</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>End
      of period</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>150,950,377</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>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=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>29,294,441</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>32,365,493</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Distributions in excess of net investment income</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(39,949</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(58,932</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(13,608</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(12,384</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>



<PAGE>
<!-- @@@ PART D -->

<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><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="71%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Six Months</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Ended</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=14><FONT size=+0><FONT face=serif size=2>Y</FONT><FONT face=serif size=2>ear Ende</FONT><FONT face=serif size=2>d</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>9/30/08<SUP>1</SUP></FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="2%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/08</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/04</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="71%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>(Unaudit</FONT><FONT face=serif size=2>ed)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, beginning of
period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.850</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.070</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.570</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.480</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Income (loss) from investment
      operations:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.444</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>0.906</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.932</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.951</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.956</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.020</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.073</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.783</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.160</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.177</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.332</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.276</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Dividends
      on preferred stock from:</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.141</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.312</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.297</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.232</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.118</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.075</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)&nbsp;&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on
      investments</FONT></FONT></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT size=+0><FONT face=serif size=1>(0.023</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.013</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.002</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.003</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.016</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Total dividends on preferred stock</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.141</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.335</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.310</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.234</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.121</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.091</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Total
      from investment operations</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.770</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT size=+0><FONT face=serif size=1>(0.212</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.782</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.540</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.503</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.205</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Less dividends and distributions to common shareholders
      from:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.300</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>(0.610</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.750</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.860</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.960</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.960</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net realized gain on investments</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.058</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.032</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.020</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.043</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.155</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Total
      dividends and distributions</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.300</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"><FONT size=+0><FONT face=serif size=1>(0.668</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.782</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.880</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.003</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.115</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$12.780</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.850</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.070</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.570</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Market value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$12.050</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$12.390</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.790</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.980</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.390</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.560</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1><B>Total investment return based on:<SUP>2</SUP></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Market
      value</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.37%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>(11.86%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(2.58%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>9.74%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.78%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>14.64%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset value</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(5.47%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.08%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.26%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3.31%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3.34%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>7.86%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Net
      assets applicable to common shares, end of period (000
      omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$38,120</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>$41,294</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$43,916</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$43,923</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$44,936</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$46,429</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio
      of expenses to average net assets applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.12%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.07%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.05%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.03%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.18%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.05%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Ratio of
      net investment income to average net assets</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.38%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>6.34%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.34%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.28%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.34%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.63%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Ratio of net investment income to average net
    assets</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common shares
      net of dividends to preferred shares<SUP>4</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.35%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>3.99%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.23%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.72%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.54%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6.04%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Portfolio
      turnover</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>5%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>18%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>17%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>2%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>8%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>30%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=19><FONT size=+0>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Leverage analysis:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT size=+0><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$25,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$126,239</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$132,588</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$137,832</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$137,847</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$139,872</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$142,858</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="71%"><FONT face=serif size=1>Liquidation value per
      share of preferred shares<SUP>5</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>1</SUP> Ratios and portfolio turnover have been
      annualized and total return has not been annualized.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>2</SUP> Total investment return is calculated
      assuming a purchase of common stock on the opening of the first day and a
      sale on the closing of the last day of each period reported. Dividends and
      distributions, if any, are assumed for the purposes of this calculation to
      be reinvested at prices obtained under the Fund&#146;s dividend reinvestment
      plan. Generally, total investment return based on net asset value will be
      higher than total investment return based on market value in periods where
      there is an increase in the discount or a decrease in the premium of the
      market value to the net asset value from the beginning to the end of such
      periods. Conversely, total investment return based on net asset value will
      be lower than total investment return based on market value in periods
      where there is a decrease in the discount or an increase in the premium of
      the market value to the net asset value from the beginning to the end of
      such periods.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>3</SUP> Ratios do not reflect the effect of
      dividend payments to preferred shareholders.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>4</SUP> Ratio reflects total net investment income
      less dividends paid to preferred shareholders divided by average net
      assets applicable to common shareholders. </FONT></P></TD></TR>
  <TR>
    <TD align=left width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>5</SUP> Excluding any accumulated but unpaid
      dividends.</FONT></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="69%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Six
      Months</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Ended</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><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 align=left width="69%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>9/30/08<SUP>1</SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>3/31/08</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>3/31/07</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>3/31/06</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>3/31/05</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>3/31/04</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="69%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>(Unaudit</FONT><FONT face=serif size=2>ed)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net
      asset value, beginning of period</FONT></B></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.260</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.100</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.260</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.580</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.110</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.920</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Income (loss) from investment operations:</FONT></B></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Net investment
      income</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>0.456</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>0.937</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>0.985</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>1.018</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="3%"><FONT face=serif size=1>1.019</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>1.043</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net
      realized and unrealized gain (loss) on investments</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1.015</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.604</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.069</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.129</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.432</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.324</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Dividends on preferred
      stock from:</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
income</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.148</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.264</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.274</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.213</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.124</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.077</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on
      investments</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.050</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.019</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.006</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.003</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.013</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Total
      dividends on preferred stock</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.148</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.314</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.293</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.219</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.090</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Total from investment
      operations</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.707</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>0.019</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>0.761</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>0.670</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>0.460</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>1.277</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Less
      dividends and distributions to common shareholders from:</FONT></B></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Net investment
      income</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.353</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.720</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.850</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.960</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.960</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.960</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net
      realized gain on investments</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.139</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.071</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.030</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.127</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Total dividends and
      distributions</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.353</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.859</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.921</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.990</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(0.990</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT face=serif size=1>(1.087</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Net
      asset value, end of period</FONT></B></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$13.200</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$14.260</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.100</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.260</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.580</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.110</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Market value, end of period</FONT></B></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$12.550</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.060</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$15.940</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$18.650</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$17.180</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$16.960</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1><B>Total investment return based on:<SUP>2</SUP></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Market value</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(14.61%</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(0.14%</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>(9.86%</FONT></TD>
    <TD align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>14.64%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>7.42%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>8.76%</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net
      asset value</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(5.15%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.19%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.35%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3.44%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2.56%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>8.05%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Net assets applicable
      to common shares, end of period (000 omitted)</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$63,865</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$68,973</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$73,056</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$73,833</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$75,364</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$77,903</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio
      of expenses to average net assets applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.07%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.95%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.03%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1.01%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Ratio of net investment
      income to average net assets</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.41%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.37%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.49%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.51%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.51%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>6.54%</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Ratio
      of net investment income to average net assets</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common shares
      net of dividends to preferred shares<SUP>4</SUP></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.34%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.23%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4.56%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.11%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.69%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>5.98%</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Portfolio
      turnover</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>9%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>16%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>11%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>12%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>5%</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>13%</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><B><FONT face=serif size=1>Leverage analysis:</FONT></B></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Value of preferred
      shares outstanding (000 omitted)</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$40,000</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=1>Net
      asset coverage per share of preferred shares, end of period</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$129,831</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$136,216</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$141,320</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$142,291</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$144,205</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$147,379</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="69%"><FONT face=serif size=1>Liquidation value per
      share of preferred shares<SUP>5</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT face=serif size=1>$50,000</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>1</SUP> Ratios and portfolio turnover have been
      annualized and total return has not been annualized.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>2</SUP> Total investment return is calculated
      assuming a purchase of common stock on the opening of the first day and a
      sale on the closing of the last day of each period reported. Dividends and
      distributions, if any, are assumed for the purposes of this calculation to
      be reinvested at prices obtained under the Fund&#146;s dividend reinvestment
      plan. Generally, total investment return based on net asset value will be
      higher than total investment return based on market value in periods where
      there is an increase in the discount or a decrease in the premium of the
      market value to the net asset value from the beginning to the end of such
      periods. Conversely, total investment return based on net asset value will
      be lower than total investment return based on market value in periods
      where there is a decrease in the discount or an increase in the premium of
      the market value to the net asset value from the beginning to the end of
      such periods.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>3</SUP> Ratios do not reflect the effect of
      dividend payments to preferred shareholders.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>4</SUP> Ratio reflects total net investment income
      less dividends paid to preferred shareholders divided by average net
      assets applicable to common shareholders.</FONT></P></TD></TR>
  <TR>
    <TD align=right width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>5</SUP> Excluding any accumulated but unpaid
      dividends.</FONT></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><I><FONT face=serif size=2><FONT color=#b2b2b2>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> <FONT face=serif size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Financial
highlights</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><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Six Months</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Ended</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=+0><FONT face=serif size=2>Y</FONT><FONT face=serif size=2>ear Ende</FONT><FONT face=serif size=2>d</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>9/30/08<SUP>1</SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/08</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/04</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="70%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>(Unaudit</FONT><FONT face=serif size=2>ed)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, beginning of
period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.190</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.880</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.890</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.280</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.060</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Income (loss) from investment
      operations:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.471</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.962</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.963</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.971</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.025</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.093</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.070</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.674</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.225</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.012</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.237</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.207</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Dividends
      on preferred stock from:</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.141</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.318</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.298</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.243</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.128</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.082</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>) &nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Total
      dividends on preferred stock</FONT></FONT></TD>
    <TD align=right width="1%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.141</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.318</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.298</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.243</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.128</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.082</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Total from investment operations</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.740</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.030</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.890</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.740</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.660</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.218</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Less dividends to common shareholders
      from:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.330</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.660</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.740</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.900</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.050</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.998</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Total dividends</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.330</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.660</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.740</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.900</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.050</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.998</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.120</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.190</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.880</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.730</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.890</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.280</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Market value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$11.670</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.450</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.640</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.200</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.370</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.800</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1><B>Total investment return based on:<SUP>2</SUP></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Market
      value</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(11.05%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(3.58%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(5.13%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>4.73%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>4.02%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>16.87%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset value</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(5.22%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.08%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6.05%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.69%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.03%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>7.99%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      assets applicable to common shares, end of period (000
      omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$150,950</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$163,305</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$171,143</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$169,481</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$107,958</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$110,828</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3, 5</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.22%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.18%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.20%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.07%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.00%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.93%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Ratio of
      net investment income to average net assets</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.63%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.61%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.52%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.45%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.85%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>7.23%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Ratio of net investment income to average net
    assets</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common shares
      net of dividends to preferred shares<SUP>4</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.64%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.43%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.50%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.86%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6.00%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6.69%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Portfolio
      turnover</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>20%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>3%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>8%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>15%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>34%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Leverage analysis:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$95,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$95,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$95,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$95,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$60,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$60,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$129,448</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$135,950</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$140,075</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$139,200</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$139,965</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$142,357</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT face=serif size=1>Liquidation value per
      share of preferred shares<SUP>6</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="70%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>1</SUP> Ratios and portfolio turnover have been
      annualized and total return has not been annualized.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>2</SUP> Total investment return is calculated
      assuming a purchase of common stock on the opening of the first day and a
      sale on the closing of the last day of each period reported. Dividends and
      distributions, if any, are assumed for the purposes of this calculation to
      be reinvested at prices obtained under the Fund&#146;s dividend reinvestment
      plan. Generally, total investment return based on net asset value will be
      higher than total investment return based on market value in periods where
      there is an increase in the discount or a decrease in the premium of the
      market value to the net asset value from the beginning to the end of such
      periods. Conversely, total investment return based on net asset value will
      be lower than total investment return based on market value in periods
      where there is a decrease in the discount or an increase in the premium of
      the market value to the net asset value from the beginning to the end of
      such periods.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>3</SUP> Ratios do not reflect the effect of
      dividend payments to preferred shareholders. </FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>4</SUP> Ratio reflects total net investment income
      less dividends paid to preferred shareholders divided by average net
      assets applicable to common shareholders.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>5</SUP> The ratio of expenses to average net assets
      applicable to common shares includes interest and related expenses which
      include, but are not limited to, interest expense, remarketing fees,
      liquidity fees, and trustees&#146; fees in connection with the Fund&#146;s
      participation in inverse floater programs for the period ended September
      30, 2008 and years ended March 31, 2008 and 2007. See Notes 1 and 7 in
      &#147;Notes to financial statements&#148;.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>6</SUP> Excluding any accumulated but unpaid
      dividends.</FONT></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=left><FONT face=serif size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Delaware Investments National Municipal
Income Fund </FONT></B></P>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><FONT face=serif size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Six Months</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>Ended</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" colSpan=14><FONT size=+0><FONT face=serif size=2>Y</FONT><FONT face=serif size=2>ear Ende</FONT><FONT face=serif size=2>d</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>9/30/08<SUP>1</SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/08</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/07</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/06</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/05</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>3/31/04</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="70%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><FONT face=serif size=2>(Unaudit</FONT><FONT face=serif size=2>ed)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, beginning of
period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.360</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.560</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.650</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.340</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.200</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.370</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Income (loss) from investment
      operations:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.433</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.919</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.960</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.017</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.057</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>1.088</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net realized and unrealized gain (loss) on
    investments</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.269</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(1.081</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>0.141</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.236</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.675</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.130</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)&nbsp;&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Dividends
      on preferred stock from:</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.139</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.311</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.285</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.202</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.114</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.082</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on
      investments</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.015</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.018</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.055</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.009</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.005</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Total dividends on preferred stock</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.139</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.326</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.303</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.257</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.123</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.087</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Total
      from investment operations</FONT></FONT></TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.975</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.488</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.798</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.524</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.259</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>0.871</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Less dividends and distributions to common shareholders
      from:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      investment income</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.295</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.668</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.820</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.970</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.020</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.995</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net realized gain on investments</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.044</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.068</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.244</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.099</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(0.046</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Total
      dividends and distributions</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.295</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.712</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(0.888</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.214</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.119</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=+0><FONT face=serif size=1>(1.041</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Net asset value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$12.090</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$13.360</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.560</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.650</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.340</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.200</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Market value, end of period</FONT></B></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$9.350</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$11.950</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$14.530</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.050</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$15.050</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$16.650</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1><B>Total investment return based on:<SUP>2</SUP></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Market
      value</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(19.74%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(13.11%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(4.12%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>14.75%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>(3.02%</FONT></FONT></TD>
    <TD align=left width="1%"><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>18.04%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset value</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(7.18%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>(3.05%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>)</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.27%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>2.76%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.59%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.59%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Ratios and supplemental data:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Net
      assets applicable to common shares, end of period (000
      omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$29,294</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$32,365</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$35,256</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$35,492</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$37,166</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$39,244</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Ratio of expenses to average net assets</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.20%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.16%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.10%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.07%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.24%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>1.11%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Ratio of
      net investment income to average net assets</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>3</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.45%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.54%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.58%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.70%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.75%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>6.70%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Ratio of net investment income to average net
    assets</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common shares
      net of dividends to preferred shares<SUP>4</SUP></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.38%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.22%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>4.51%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.01%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>5.97%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>6.16%</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Portfolio
      turnover</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>40%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>17%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>9%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>28%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>11%</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>3%</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=1>Leverage analysis:</FONT></B></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="3%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT size=+0><FONT face=serif size=1>Value of
      preferred shares outstanding (000 omitted)</FONT></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$20,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Net asset coverage per share of preferred shares, end of
      period</FONT></FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$123,236</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$130,914</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$138,141</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$138,731</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$142,915</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$148,110</FONT></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="70%"><FONT face=serif size=1>Liquidation value per
      share of preferred shares<SUP>5</SUP></FONT></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=right width="1%"></TD>
    <TD align=right width="3%"><FONT size=+0><FONT face=serif size=1>$50,000</FONT></FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="70%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>1</SUP> Ratios and portfolio turnover have been
      annualized and total return has not been annualized.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>2</SUP> Total investment return is calculated
      assuming a purchase of common stock on the opening of the first day and a
      sale on the closing of the last day of each period reported. Dividends and
      distributions, if any, are assumed for the purposes of this calculation to
      be reinvested at prices obtained under the Fund&#146;s dividend reinvestment
      plan. Generally, total investment return based on net asset value will be
      higher than total investment return based on market value in periods where
      there is an increase in the discount or a decrease in the premium of the
      market value to the net asset value from the beginning to the end of such
      periods. Conversely, total investment return based on net asset value will
      be lower than total investment return based on market value in periods
      where there is a decrease in the discount or an increase in the premium of
      the market value to the net asset value from the beginning to the end of
      such periods.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>3</SUP> Ratios do not reflect the effect of
      dividend payments to preferred shareholders.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>4</SUP> Ratio reflects total net investment income
      less dividends paid to preferred shareholders divided by average net
      assets applicable to common shareholders.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align=left><FONT face=serif size=1><SUP>5</SUP> Excluding any accumulated but unpaid
      dividends.</FONT></P></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>See accompanying notes</FONT></P>
<P align=right><FONT face=serif size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=6>Notes to financial statements</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face=serif size=2>September 30, 2008 (Unaudited)</FONT></P>
<P align=left><FONT size=2></FONT>&nbsp;</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) 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) 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 NYSE Alternext, the successor to 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 &#151; </FONT></B><FONT face=serif size=1>Long-term debt securities are valued by an independent pricing
service or broker. To the extent current market prices are not available, the
pricing service may take into account developments related to the specific
security, as well as transactions in comparable 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 (Board). 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, or suspension of trading in a security.
The Fund may use fair value pricing more frequently for securities traded
primarily in non-U.S. markets because, among other things, most foreign markets
close well before the Fund values its securities at 4:00 p.m. Eastern Time. The
earlier close of these foreign markets gives rise to the possibility that
significant events, including broad market moves, government actions or
pronouncements, aftermarket trading or news events, may have occurred in the
interim. To account for this, the Fund may frequently value many foreign
securities at one time using fair value prices based on third-party vendor
modeling tools (&#147;international fair value pricing&#148;).</FONT></P>
<P align=left><B><FONT face=serif size=1>Federal Income Taxes &#151;</FONT></B><FONT face=serif size=1> The Funds intend 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>The Funds evaluate 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 are recorded as a tax benefit or expense in the
current year. The Funds did not record any tax benefit or expense in the current
period. </FONT></P>
<P align=left><B><FONT face=serif size=1>Use of Estimates &#151;</FONT></B><FONT face=serif size=1> The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates. </FONT></P>
<P align=left><B><FONT face=serif size=1>Interest and Related Expenses
&#151;</FONT></B><FONT face=serif size=1> Interest and related expenses include, but
are not limited to, interest expense, remarketing fees, liquidity fees, and
trustees&#146; fees from 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>The Minnesota Municipal Fund II sold out
of its inverse floater positions on September 29, 2008. As of the period ended
September 29, 2008, the Fund 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 3.57%.</FONT></P>
<P align=left><FONT face=serif size=1><B>Other &#151;</B> Expenses directly
attributable to a Fund are charged directly to that Fund. Other expenses common
to various funds within the Delaware Investments<SUP>&#174;</SUP> Family of Funds are
generally allocated amongst such funds on the basis of average net assets.
Management fees and some other expenses are paid monthly. Security transactions
are recorded on the date the securities are purchased or sold (trade date) for
financial reporting purposes. Costs used in calculating realized gains and
losses on the sale of investment securities are those of the specific securities
sold. Interest income is recorded on the accrual basis. Discounts and premiums
are amortized to interest income over the lives of the respective securities.
Each Fund declares and pays dividends from net investment income monthly and
distributions from net realized gain on investments, if any, annually.
</FONT></P>
<P align=left><FONT face=serif size=1>In addition, in order to satisfy certain
distribution requirements of the Tax Reform Act of 1986, the Funds may declare
special year-end dividend and capital gains distributions during November or
December to shareholders of record on a date in such month. Such distributions,
if received by shareholders by January 31, are deemed to have been paid by the
Funds and received by shareholders on the earlier of the date paid or December
31 of the prior year.</FONT></P>
<P align=left><FONT face=serif size=1>The Funds receive earnings credits from
their custodian when positive cash balances are maintained, which are used to
offset custody fees. The expense paid under this arrangement is included in
custodian fees and on the statements of operations with the corresponding
expense offset shown as &#147;expense paid indirectly.&#148; </FONT></P>
<P align=left><FONT face=serif size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>



<P align=left><B><FONT face=serif size=2>2. Investment Management Administration
Agreements and Other Transactions with Affiliates</FONT></B></P>
<P align=left><FONT face=serif size=1>In accordance with the terms of its
respective investment management agreement, each Fund pays Delaware Management
Company (DMC), a series of Delaware Management Business Trust and the investment
manager, an annual fee of 0.40% which is calculated daily based on the average
weekly net assets of each Fund, excluding the liquidation value of the preferred
stock.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Service Company, Inc. (DSC), an
affiliate of DMC, provides 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<SUP>&#174;</SUP>
Family of Funds at the following annual rate: 0.0050% of the first $30 billion;
0.0045% of the next $10 billion; 0.0040% o 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<SUP>&#174;</SUP> Family of Funds on a relative net asset
value basis. For the six months ended September 30, 2008, the Funds were charged
as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right width="36%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$1,659</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1>$<FONT face=serif>2,717</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$6,456</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1>$</FONT><FONT face=serif size=1>1,311</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>At September 30, 2008, each Fund had
liabilities payable to affiliates as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="35%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%"></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%" bgColor=#c0c0c0><FONT face=serif size=1>Investment management fee payable to DMC</FONT></TD>
    <TD align=center width="2%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$21,837</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$35,762</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$84,980</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT size=1>$<FONT face=serif>17,142</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%"><FONT face=serif size=1>Accounting
      administration and other expenses</FONT></TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="15%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="15%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="15%"></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payable to DSC</FONT></TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="15%"><FONT face=serif size=1>&nbsp;
    10,950</FONT></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><FONT face=serif size=1>&nbsp;&nbsp;
      9,767</FONT></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><FONT face=serif size=1>&nbsp;&nbsp;
      1,325</FONT></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><FONT face=serif size=1>&nbsp;
    12,353</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="35%" bgColor=#c0c0c0><FONT face=serif size=1>Other
      expenses payable to DMC and affiliates*</FONT></TD>
    <TD align=center width="2%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; 11,261</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; 17,546</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; 31,086</FONT></TD>
    <TD align=center width="1%" bgColor=#c0c0c0></TD>
    <TD align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp; 14,595</FONT></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 six months ended September 30, 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 style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right width="36%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$1,362</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$2,264</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=1>$5,379</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1>$</FONT><FONT face=serif size=1>1,066</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 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><B><FONT face=serif size=2>3. Investments</FONT></B></P>
<P align=left><FONT face=serif size=1>For the six months ended September 30,
2008, the Funds made purchases and sales of investment securities other than
short-term investments as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=1>Purchases</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>$1,482,740</FONT></TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,588,214</FONT></TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>24,648,090</FONT></TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,881,545</FONT></TD>
    <TD noWrap align=center width="6%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="36%"><FONT face=serif size=1>Sales</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,101,590</FONT></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>13,253,928</FONT></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>46,346,191</FONT></TD>
    <TD noWrap align=center width="6%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>12,649,207</FONT></TD>
    <TD noWrap align=center width="6%"></TD></TR></TABLE><BR>
<P align=right><I><FONT face=serif size=2><FONT color=#b2b2b2>(continues)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> <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><FONT color=#b2b2b2>Notes to financial
statements</FONT></FONT></P>
<P align=left><B><FONT face=serif size=2><FONT color=#b2b2b2>Delaware
Investments Closed-End Municipal Bond Funds</FONT></FONT></B></P>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>3. Investments
(continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>At September 30, 2008, the cost of
investments for federal income tax purposes has been estimated since the final
tax characteristics cannot be determined until fiscal year end. At September 30,
2008, the cost of investments and unrealized appreciation (depreciation) for
federal income tax purposes for each Fund were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=1>Cost of
      investments</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>60,680,342</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>96,762,126</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>225,403,588</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>49,179,193</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"><FONT face=serif size=1>Aggregate unrealized
      appreciation</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>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>1,235,962</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>2,656,116</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>4,916,577</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>165,686</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=1>Aggregate unrealized depreciation</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=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>(3,752,554</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 style="BORDER-BOTTOM: #000000 1pt solid" 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>(4,901,145</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 style="BORDER-BOTTOM: #000000 1pt solid" 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>(11,561,247</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 style="BORDER-BOTTOM: #000000 1pt solid" 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>(3,374,804</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"><FONT face=serif size=1>Net unrealized
      depreciation</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%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(2,516,592</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(2,245,029</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(6,644,670</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=1>(3,209,118</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>Effective April 1, 2008, the Funds adopted
Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS
157 defines fair value as the price that the Fund would receive to sell an asset
or pay to transfer a liability in an orderly transaction between market
participants at the measurement date. FAS 157 also establishes a framework for
measuring fair value, and a three level hierarchy for fair value measurements
based upon the transparency of inputs to the valuation of an asset or liability.
Inputs may be observable or unobservable and refer broadly to the assumptions
that market participants would use in pricing the asset or liability. Observable
inputs reflect the assumptions market participants would use in pricing the
asset or liability based on market data obtained from sources independent of the
reporting entity. Unobservable inputs reflect the reporting entity's own
assumptions about the assumptions that market participants would use in pricing
the asset or liability developed based on the best information available under
the circumstances. The Funds&#146; investment in its entirety is assigned a level
based upon the observability of the inputs which are significant to the overall
valuation. The three-tier hierarchy of inputs is summarized below.</FONT></P>
<P align=left><FONT face=serif size=1>Level 1 &#150; inputs are quoted prices in
active markets</FONT></P>
<P align=left><FONT face=serif size=1>Level 2 &#150; inputs that are observable,
directly or indirectly</FONT></P>
<P align=left><FONT face=serif size=1>Level 3 &#150; inputs are unobservable and
reflect assumptions on the part of the reporting entity</FONT></P>
<P align=left><FONT face=serif size=1>The following table summarizes the
valuation of the Funds&#146; investments by the above FAS 157 fair value hierarchy
levels as of September 30, 2008:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Arizona</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Colorado</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Minnesota</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>National</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Municipal</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Municipal</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Municipal</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Municipal</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Fund</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Fund</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Fund II</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><FONT size=+0><FONT face=serif size=1>Fund</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Level 1</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT size=1>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"><FONT size=+0><FONT face=serif size=1>Level
      2</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>58,163,750</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>94,517,097</FONT></FONT></TD>
    <TD noWrap align=center 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="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>218,758,918</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></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="1%"><FONT size=+0><FONT face=serif size=1>45,970,075</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>Level 3</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="80%"><FONT size=+0><FONT face=serif size=1>Total</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>58,163,750</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>94,517,097</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>218,758,918</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=1>45,970,075</FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>There were no Level 3 securities at the
beginning or end of the period.</FONT></P>
<P align=left><FONT face=serif size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<!-- @@@ PART E -->

<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, distributions from net short-term gains on sales of investment
securities are treated as ordinary income for federal income tax purposes. The
tax character of dividends and distributions paid during the six months ended
September 30, 2008 and the year ended March 31, 2008 was as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp;</TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><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>Six Months Ended 9/30/08*</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Total Tax-exempt
      income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,314,375</FONT></TD>
    <TD noWrap align=right width="1%"></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=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>2,423,747</FONT></TD>
    <TD noWrap align=right width="1%"></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=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>5,423,833</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</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=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>1,050,321</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face=serif size=1>Year Ended 3/31/08</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=right width="2%" 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=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</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>Ordinary
      income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD noWrap align=right width="2%"><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%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD noWrap align=right width="2%"><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%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD noWrap align=right width="2%"><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%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT size=1>$ </FONT></TD>
    <TD noWrap align=right width="2%"><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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>11,215,078</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=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>232,318</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>913,220</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>142,452</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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 noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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 noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" 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 noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=1>$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>2,513,353</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>*Tax information for the six months ended
September 30, 2008 is an estimate and the tax character of dividends and
distributions may be redesignated at fiscal year end.</FONT></P>
<P align=left><B><FONT face=serif size=2>5. Components of Net Assets on a Tax
Basis</FONT></B></P>
<P align=left><FONT face=serif size=1>The components of net assets are estimated
since final tax characteristics cannot be determined until fiscal year end. As
of September 30, 2008, the estimated components of net assets on a tax basis
were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Minnesota</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><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="4%" colSpan=3><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="4%" colSpan=3><FONT face=serif size=1>Fund II</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Shares of beneficial interest</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$40,780,234</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$67,202,571</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$158,750,422</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$33,300,621</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Distributions
      payable</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(58,785</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="2%"><FONT face=serif size=1>(152,248</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="2%"><FONT face=serif size=1>(267,027</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="2%"><FONT face=serif size=1>(47,028</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Undistributed tax-exempt income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>55,088</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="2%" 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>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>227,078</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>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>33,420</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Realized loss
      4/1/08 &#150; 9/30/08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>(140,343</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="2%"><FONT face=serif size=1>(940,785</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="2%"><FONT face=serif size=1>(921,380</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="2%"><FONT face=serif size=1>(764,858</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Capital loss carryforwards as of 3/31/08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" 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="2%" 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="2%" 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="2%" 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="81%"><FONT face=serif size=1>Unrealized
      depreciation of investments</FONT>&nbsp;</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>(2,516,592</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(2,245,029</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(6,644,670</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=1>(3,209,118</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net assets</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$38,119,602</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$63,864,509</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$150,950,377</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$29,294,441</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>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, and tax treatment of market discount on debt instruments.
Results of operations and net assets were not affected by these
reclassifications. For the six months ended September 30, 2008, the Funds
recorded an estimate of these differences since the final tax characteristics
cannot be determined until fiscal year end.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Arizona</FONT></TD>
    <TD noWrap align=center width="2%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Colorado</FONT></TD>
    <TD noWrap align=center width="2%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Minnesota</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="2%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT></TD>
    <TD noWrap align=center width="2%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund II</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Paid-in capital</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(35,539</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; <FONT size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>Distributions in excess of
      net investment income</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>3,702</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>26,884</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>19,861</FONT></TD>
    <TD noWrap align=right width="1%" >&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Accumulated net realized gain (loss)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>(3,702</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>8,655</FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1>(19,861</FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><FONT size=1>)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=right><FONT face=serif size=2><I><FONT face=serif color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> 27</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 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="89%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Minnesota</FONT> </TD>
    <TD noWrap align=center width="2%" >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>National</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD>
    <TD noWrap align=center width="2%" ></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Municipal</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund II</FONT> </TD>
    <TD noWrap align=center width="2%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face=serif size=1>Fund</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>2009</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$175,804</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$ &nbsp;&nbsp;&nbsp;&nbsp;
      &#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>2010</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>8,416</FONT> </TD>
    <TD noWrap align=left width="1%" >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" >&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>2013</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>9,826</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=1>2016</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=+0><FONT face=serif size=1>&#151;</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=right width="1%"><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=+0><FONT face=serif size=1>18,596</FONT> </FONT></TD>
    <TD noWrap align=right width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$194,046</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=1>$18,596</FONT> </FONT></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD></TR></TABLE><BR>
<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 six months ended September 30,
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 six months ended September 30,
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. As
of September 30, 2008, the Arizona Municipal Fund currently has 250 Series A and
250 Series B preferred shares issued. Colorado Municipal Fund has 400 Series A
and 400 Series B preferred shares issued, Minnesota Municipal Fund II has 600
Series A, 600 Series B, 400 Series C, and 300 Series D Preferred Shares issued,
and National Municipal Fund has 200 Series A and Series B 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. </FONT></P>
<P align=left><FONT face=serif size=1>Dividend rates (adjusted for any capital
gain distributions) ranged during the six months ended September 30, 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="1%"><FONT face=serif size=1>Fund</FONT> </TD>
    <TD noWrap align=left width="80%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1>Low</FONT> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%">&nbsp; </TD>
    <TD noWrap align=right width="2%" >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1>High</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Arizona Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.46%</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>to</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>12.26%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" colSpan=2><FONT face=serif size=1>Colorado Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>2.54%</FONT> </TD>
    <TD noWrap align=center width="2%">&nbsp;
    </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>to</FONT> </TD>
    <TD noWrap align=right width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>11.65%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=1>Minnesota Municipal Fund II</FONT>&nbsp; </TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.46%</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="4%" bgColor=#c0c0c0><FONT face=serif size=1>to</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>12.26%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" colSpan=2><FONT face=serif size=1>National Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>2.46%</FONT> </TD>
    <TD noWrap align=center width="2%">&nbsp;
    </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1>to</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>12.26%</FONT>
</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=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><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>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. At September 30, 2008, the Funds had no
inverse floater securities outstanding.</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. 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. 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
September 30, 2008, the percentages of each Fund&#146;s net assets, including
liquidation value of preferred stock, insured by bond insurers were as follows:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Arizona Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="27%" bgColor=#c0c0c0><FONT face=serif size=1>36%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>Colorado Municipal
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="27%"><FONT face=serif size=1>46%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=1>Minnesota Municipal Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="27%" bgColor=#c0c0c0><FONT face=serif size=1>30%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=1>National Municipal
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="27%"><FONT face=serif size=1>64%</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>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=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
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 September 30, 2008, there were no Rule 144A
securities. Illiquid securities have been identified on the statements of net
assets.</FONT></P>
<P align=right><FONT face=serif size=2><FONT color=#808080><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif 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>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><STRONG><FONT color=#b2b2b2 size=2></FONT></STRONG>&nbsp;</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>

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

  <TR>
    <TD vAlign=top width="1%"><STRONG><FONT size=2>10.&nbsp;
    </FONT></STRONG></TD>
    <TD vAlign=top align=left width="99%"><STRONG><FONT size=2>Delaware
      Investments National Municipal Income Fund (formerly Delaware Investments
      Florida Insured Municipal Income Fund) &#150; Investments in Municipal
      Securities Issued by the State of
Florida</FONT></STRONG></TD></TR></TABLE>
<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) (the &#147;Fund&#148;) approved (1) the
elimination of the Fund&#146;s fundamental investment policy that required the Fund
to invest primarily in insured municipal securities issued by the State of
Florida and (2) the adoption of a new fundamental investment policy permitting
the Fund to invest in un-insured municipal securities issued by states other
than Florida. The Fund&#146;s portfolio managers began to transition the Fund&#146;s
portfolio to include un-insured municipal bonds issued by other states and
territories on October 15, 2007. As of September 30, 2008, municipal bonds
issued by the State of Florida constitute approximately 68% of the Fund&#146;s
portfolio. These investments 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=2>11. 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 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.</FONT></P>
<P align=left><FONT face=serif size=1>Through early November 2008, five (AMBAC,
FGIC, CGIC, MBIA and XLCA) of the 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. On November 14, 2008, Assured Guaranty, Ltd and
Dexia SA, the parent for financial guarantor Financial Security Assurance, Inc.
(FSA) announced a definitive agreement for Assured Guaranty to acquire all of
Dexia&#146;s shares of FSA. Insurer financial strength ratings for the municipal bond
insurers may continue to change.</FONT></P>
<P align=left><B><FONT face=serif size=2>12. Redemption of Preferred
Shares</FONT></B></P>
<P align=left><FONT face=serif size=1>On October 7, 2008, the Funds&#146; Board of
Directors/Trustees approved a plan to redeem all or a significant portion of
outstanding preferred shares issued by the Funds. The plan is intended to better
position each Fund to pursue its investment objectives in light of current and
unprecedented market volatility, which has resulted in higher short-term
interest rates. Management recommended the redemption of the Funds&#146; preferred
shares based on its expectation that in the current environment it may become
increasingly difficult for the Funds to invest the assets attributable to the
preferred shares in securities that provide a sufficient rate of return compared
to the dividend rates payable on the preferred shares, which had remained
elevated in recent remarketings. These higher costs, in conjunction with current
market conditions, could cause the Funds to realize an overall lower rate of
return than if the Funds were not leveraged. The Funds&#146; Board of
Directors/Trustees may consider adding some form of leverage to the Funds in the
future if warranted by economic conditions at that time.</FONT></P>
<P align=left><FONT face=serif size=1>Effective November 7, 2008, each Fund
redeemed all of its preferred shares at par plus accumulated dividends amounting
to $25,024,395, $40,042,778, $95,083,577, and $20,019,516 in the Arizona
Municipal Income Fund, Colorado Municipal Income Fund, Minnesota Municipal
Income Fund II, and National Municipal Income Fund, respectively. In connection
with these transactions, each Fund liquidated a corresponding amount of its
investments to fund the redemptions.</FONT></P>
<P align=justify><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>Other Fund information <BR></FONT><FONT face=serif size=2>(Unaudited)</FONT></P>
<P align=left><B><FONT face=serif size=2>Delaware
Investments<SUP>&#174;</SUP> Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=left><B><FONT face=serif size=2>Board Consideration of Delaware
Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado
Municipal Income Fund, Inc., Delaware Investments National Municipal Income
Fund, Delaware Investments Minnesota Municipal Income Fund II, Inc. Investment
Advisory Agreement</FONT></B></P>
<P align=left><FONT face=serif size=1>At a meeting held on May 20-22, 2008 (the
&#147;Annual Meeting&#148;), the Board of Trustees/Directors (&#147;Trustees&#148;), including a
majority of disinterested or independent Trustees, approved the renewal of the
Investment Advisory Agreements for Delaware Investments Arizona Municipal Income
Fund, Inc.; Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware
Investments National Municipal Income Fund; and Delaware Investments Minnesota
Municipal Income Fund II, Inc. (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;). In
making its decision, the Board considered information furnished at regular
quarterly Board meetings, including reports detailing Fund performance,
investment strategies and expenses, as well as information prepared specifically
in connection with the renewal of the investment advisory contracts. Information
furnished specifically in connection with the renewal of the Investment Advisory
Agreement with Delaware Management Company (&#147;DMC&#148;) included materials provided
by DMC and its affiliates (&#147;Delaware Investments&#148;) concerning, among other
things, the nature, extent and quality of services provided to the Funds, the
costs of such services to the Funds, economies of scale and the financial
condition and profitability of Delaware Investments. In addition, in connection
with the Annual Meeting, the Board separately received and reviewed in February
2008 independent historical and comparative reports prepared by Lipper Inc.
(&#147;Lipper&#148;), an independent statistical compilation organization. The Lipper
reports compared each Fund&#146;s investment performance and expenses with those of
other comparable mutual funds. The independent Trustees reviewed the Lipper
reports with Counsel to the Independent Trustees at the February 2008 Board
Meeting and discussed such reports further with counsel earlier in the Annual
Meeting. The Board requested and received certain information regarding
Management&#146;s policy with respect to advisory fee levels and its philosophy with
respect to breakpoints; the structure of portfolio manager compensation; the
investment manager&#146;s profitability; and any constraints or limitations on the
availability of securities in certain investment styles which might inhibit
DMC&#146;s ability to invest fully in accordance with Fund policies.</FONT></P>
<P align=left><FONT face=serif size=1>In considering information relating to the
approval of each Fund&#146;s advisory agreement, the independent Trustees received
assistance and advice from and met separately with independent counsel. Although
the Trustees gave attention to all information furnished, the following
discussion identifies, under separate headings, the primary factors taken into
account by the Board in its contract renewal considerations.</FONT></P>
<P align=left><B><FONT face=serif size=1>Nature, Extent and Quality of
Service.</FONT></B><FONT face=serif size=1> The Board considered the services
provided by Delaware Investments to the Funds and their shareholders. In
reviewing the nature, extent and quality of services, the Board emphasized
reports furnished to it throughout the year at regular Board meetings covering
matters such as the compliance of portfolio managers with the investment
policies, strategies and restrictions for the Funds, the compliance of
management personnel with the Code of Ethics adopted throughout the Delaware
Investments<SUP>&#174;</SUP> Family of Funds complex and the adherence to fair value
pricing procedures as established by the Board. The Board was pleased with the
current staffing of the Funds&#146; investment advisor and the emphasis placed on
research in the investment process. Favorable consideration was given to DMC&#146;s
efforts to maintain expenditures and, in some instances, increase financial and
human resources committed to Fund matters. During 2007 Management commenced the
outsourcing of certain investment accounting functions that are expected to
improve the quality and the cost of delivering investment accounting services to
the Funds. The Board was satisfied with the nature, extent and quality of the
overall services provided by Delaware Investments.</FONT></P>
<P align=left><B><FONT face=serif size=1>Investment Performance.</FONT></B><FONT face=serif size=1> The Board considered the investment performance of DMC and
the Funds. The Board placed significant emphasis on the investment performance
of the Funds in view of its importance to shareholders. Although the Board gave
appropriate consideration to performance reports and discussions with portfolio
managers at Board meetings throughout the year, the Board gave particular weight
to the Lipper reports furnished for the Annual Meeting. The Lipper reports
prepared for each Fund showed the investment performance of its shares in
comparison to a group of similar funds as selected by Lipper (the &#147;Performance
Universe&#148;). A fund with the highest performance ranked first, and a fund with
the lowest ranked last. The highest/best performing 25% of funds in the
Performance Universe make up the first quartile; the next 25%, the second
quartile; the next 25%, the third quartile; and the lowest/worst performing 25%
of funds in the Performance Universe make up the fourth quartile. Comparative
annualized performance for each Fund was shown for the past one-, three-, five-
and ten-year periods ended December 31, 2007. The Board&#146;s objective is that each
Fund&#146;s performance for the periods considered be at or above the median of its
Performance Universe. The following paragraphs summarize the performance results
for the Funds and the Board&#146;s view of such performance.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. </FONT><B><FONT face=serif size=1>&#150; </FONT></B><FONT face=serif size=1>The Performance Universe for the Fund consisted of the Fund
and all leveraged closed-end other state municipal debt funds as selected by
Lipper. The Lipper report comparison showed that the Fund&#146;s total return for the
one-year period was in the third quartile of its Performance Universe. The
report further showed that the Fund&#146;s total return for the three- and five-year
periods was in the fourth quartile and the Fund&#146;s total return for the ten-year
period was in the second quartile. The Board noted that the Fund&#146;s performance
results were not in line with the Board&#146;s objective. In evaluating the Fund&#146;s
performance, the Board considered investment strategy changes implemented in
late 2006. The Board was satisfied that Management was taking action to enhance
Fund performance and meet the Board&#146;s performance objective.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. &#150; The Performance Universe for the Fund consisted of the Fund
and all leveraged closed-end other state municipal debt funds as selected by
Lipper. The Lipper report comparison showed that the Fund&#146;s total return for the
one- and ten-year periods was in the first quartile of its Performance Universe.
The report further showed that the Fund&#146;s total return for the three- and
five-year periods was in the third quartile and fourth quartile, respectively.
The Board noted that the Fund&#146;s performance results were mixed but overall
tended toward median, which was acceptable especially since one year performance
was in the first quartile.</FONT></P>
<P align=right><FONT face=serif size=2><FONT color=#b2b2b2><EM>(continues)&nbsp;&nbsp;&nbsp;&nbsp; </EM></FONT><FONT face=serif color=#000000 size=2>31</FONT></FONT></P>
<P align=left>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif color=#b2b2b2 size=6>Other Fund
information<BR></FONT><FONT face=serif color=#b2b2b2 size=2>(Unaudited)</FONT></P>
<P align=left><B><FONT face=serif color=#b2b2b2 size=2>Delaware
Investments<SUP>&#174;</SUP> 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=2>Board Consideration of Delaware
Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado
Municipal Income Fund, Inc., Delaware Investments National Municipal Income
Fund, Delaware Investments Minnesota Municipal Income Fund II, Inc. Investment
Advisory Agreement (continued)</FONT></B></P>
<P align=left><FONT face=serif size=1>Delaware Investments National Municipal
Income Fund &#150; Lipper currently classifies the Fund as a leveraged general
municipal debt fund. However, prior to the implementation of strategy changes in
late 2007, the Fund had been classified as a Florida municipal debt fund.
Accordingly, the Lipper report prepared for the Fund compares the Fund&#146;s
performance to two separate Performance Universes consisting of the Fund and all
leveraged closed-end general municipal debt funds plus the Fund and all
leveraged closed-end Florida municipal debt funds as selected by Lipper. When
compared to other general municipal debt funds, the Lipper report comparison
showed that the Fund&#146;s total return for the one-year period was in the first
quartile of its Performance Universe. The report further showed that the Fund&#146;s
total return for the three- and five-year periods was in the fourth quartile and
the Fund&#146;s total return for the ten-year period was in the third quartile. When
compared to other Florida municipal debt funds, the Lipper report comparison
showed that the Fund&#146;s total return for the one-year period was in the second
quartile of its Performance Universe. The report further showed that the Fund&#146;s
total return for the three-and five-year periods was in the fourth quartile and
the Fund&#146;s total return for the ten-year period was in the third quartile. The
Board noted that the Fund&#146;s performance results were not in line with the
Board&#146;s objective. In evaluating the Fund&#146;s performance, the Board considered
the strategy changes implemented in late 2007 and was satisfied that Management
was taking effective action to enhance Fund performance and meet the Board&#146;s
performance objective.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal
Income Fund II, Inc. &#150; The Performance Universe for the Fund consisted of the
Fund and all leveraged closed-end other state municipal debt funds as selected
by Lipper. The Lipper report comparison showed that the Fund&#146;s total return for
the one- and three-year periods was in the second quartile of its Performance
Universe. The report further showed that the Fund&#146;s total return for the five-
and ten-year periods was in the first quartile. The Board was satisfied with
performance.</FONT></P>
<P align=left><B><FONT face=serif size=1>Comparative Expenses.</FONT></B><FONT face=serif size=1> The Board considered expense comparison data for the Delaware
Investments<SUP>&#174;</SUP> Family of Funds. Management provided the Board with
information on pricing levels and fee structures for the Funds as of October 31,
2007 and the most recent fiscal year end for each comparative fund as of August
31, 2007 or earlier. For any fund with a fiscal year end after August 31, 2007,
such fund&#146;s expense data were measured as of its fiscal year end for 2006. The
Board focused particularly on the comparative analysis of the management fees
and total expense ratios of each Fund and the effective management fees and
expense ratios of a group of similar leveraged closed-end funds as selected by
Lipper (the &#147;Expense Group&#148;). In reviewing comparative costs, each Fund&#146;s
contractual management fee and the actual management fee incurred by the Fund
were compared with the contractual management fees (assuming all funds in the
Expense Group were similar in size to the Fund) and actual management fees (as
reported by each fund) of other funds within the Expense Group, taking into
account any applicable breakpoints and fee waivers. Each Fund&#146;s total expenses
were also compared with those of its Expense Group. The Board also considered
fees paid to Delaware Investments for non-management services. The Board noted
its objective to limit each Fund&#146;s total expense ratio to be competitive with
that of the Expense Group. The following paragraphs summarize the expense
results for the Funds and the Board&#146;s view of such expenses.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Arizona Municipal
Income Fund, Inc. &#150; The expense comparisons for the Fund showed that its actual
management fee was in the quartile with the second lowest expenses of its
Expense Group and its total expenses were in the quartile with the lowest
expenses of its Expense Group. The Board was satisfied with the management fee
and total expenses of the Fund in comparison to its Expense Group.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. &#150; The expense comparisons for the Fund showed that its actual
management fee and total expenses were in the quartile with the lowest expenses
of its Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments National Municipal
Income Fund &#150; When compared to other general municipal debt funds, the expense
comparisons for the Fund showed that its actual management fee and total
expenses were in the quartile with the lowest expenses of its Expense Group.
When compared to other Florida municipal debt Funds, the expense comparisons for
the Fund showed that its actual management was ranked third (second highest) of
the four funds in the Expense Group and total expenses were ranked second
(second lowest) of the four funds in the Expense Group. The Board was satisfied
with the management fee and total expenses of the Fund in comparison to its
Expense Group.</FONT></P>
<P align=left><FONT face=serif size=1>Delaware Investments Minnesota Municipal
Income Fund II, Inc. &#150; The expense comparisons for the Fund showed that its
management fee and total expenses were in the quartile with the lowest expenses
of its Expense Group. The Board was satisfied with the management fee and total
expenses of the Fund in comparison to its Expense Group.</FONT></P>
<P align=left><B><FONT face=serif size=1>Management
Profitability.</FONT></B><FONT face=serif size=1> The Board considered the level
of profits, if any, realized by Delaware Investments in connection with the
operation of the Funds. In this respect, the Board reviewed the Investment
Management Profitability Analysis that addressed the overall profitability of
Delaware Investments&#146; business in providing management and other services to
each of the individual funds and the Delaware Investments Family of Funds as a
whole. Specific attention was given to the methodology followed in allocating
costs for the purpose of determining profitability. Management stated that the
level of profits of Delaware Investments, to a certain extent, reflect
operational cost savings and efficiencies initiated by Delaware Investments. The
Board considered Delaware Investments&#146; efforts to improve services provided to
fund shareholders and to meet additional regulatory and compliance requirements
resulting from recent industry-wide SEC initiatives. The Board also considered
the extent to which Delaware Investments might derive ancillary benefits from
fund operations, including the potential for procuring additional business as a
result of the prestige and visibility associated with its role as service
provider to the Delaware Investments Family of Funds and the benefits from
allocation of fund brokerage to improve trading efficiencies. The Board found
that the level of management fees was reasonable in light of the services
rendered and the profitability of Delaware Investments.</FONT></P>
<P align=left><B><FONT face=serif size=1>Economies of Scale.</FONT></B><FONT face=serif size=1> As closed-end funds, the Funds do not issue shares on a
continuous basis. Fund assets increase only to the extent that the values of the
underlying securities in the Fund increase. Accordingly, the Board determined
that the Funds were not likely to experience significant economies of scale due
to asset growth and, therefore, a fee schedule with breakpoints to pass the
benefit of economies of scale on to shareholders was not likely to provide the
intended effect.</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><FONT face=serif size=6>About the organization</FONT></P>
<P align=left><FONT size=6>&nbsp;</FONT></P>
<P align=left><FONT face=serif size=2>This semiannual report is for the
information of Delaware Investments Closed-End Municipal Bond Funds
shareholders. Notice is hereby given in accordance with Section 23(c) of the
Investment Company Act of 1940 that the Funds may, from time-to-time, purchase
shares of their common stock on the open market at market prices.</FONT></P>
<P align=left><FONT size=2>&nbsp;</FONT></P>
<P align=left>
<DIV style="FLOAT: left; WIDTH: 66%">
<DIV style="FLOAT: left; WIDTH: 48.5%">
<P align=left><B><FONT face=serif color=#b2b2b2>Board of trustees</FONT></B></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>&#174;</SUP>
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>Scottsdale, AZ</FONT></P></DIV>
<DIV style="FLOAT: right; WIDTH: 48.5%">
<P align=left><B><FONT face=serif color=#b2b2b2>Affiliated
officers</FONT></B></P>
<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></DIV></DIV>
<DIV style="FLOAT: right; WIDTH: 32%">
<P align=left><B><FONT face=serif color=#b2b2b2>Contact
information</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Investment manager<BR></FONT></B><FONT face=serif size=2>Delaware Management Company,<BR>a series of Delaware
Management<BR>Business Trust<BR>Philadelphia, PA</FONT></P>
<P></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>BNY Mellon Shareowner
Services<BR>480 Washington Blvd.<BR></FONT><FONT face=serif size=2>Jersey City,
NJ 07310<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><FONT face=serif size=2><STRONG>Number of recordholders as
of<BR></STRONG><FONT face=serif size=2>Sept. 30, 2008:</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="93%" bgColor=#c0c0c0>
      <P align=left><FONT face=serif size=2>Arizona Municipal Income Fund
      </FONT></P></TD>
    <TD vAlign=bottom align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#c0c0c0>
      <P align=right><FONT face=serif size=2>58</FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="93%">
      <P align=left><FONT face=serif size=2>Colorado Municipal Income Fund
      </FONT></P></TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">
      <P align=right><FONT face=serif size=2>134</FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="93%" bgColor=#c0c0c0>
      <P align=left><FONT face=serif size=2>Minnesota Municipal Income Fund
      II&nbsp;&nbsp;</FONT></P></TD>
    <TD vAlign=bottom align=right width="2%"  bgColor=#c0c0c0></TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#c0c0c0>
      <P align=right><FONT face=serif size=2>637</FONT></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="93%">
      <P align=left><FONT face=serif size=2>National Municipal Income
      Fund</FONT></P></TD>
    <TD vAlign=bottom align=right width="2%" ></TD>
    <TD vAlign=bottom align=right width="5%">
      <P align=right><FONT face=serif size=2>115</FONT></P></TD></TR></TABLE></DIV><BR clear=all>

<P align=right><FONT face=serif size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>Item 2. Code of Ethics </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Not applicable.
</FONT></P>
<P align=left><FONT face=serif size=2>Item 3. Audit Committee Financial Expert
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 4. Principal Accountant Fees and
Services </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 5. Audit Committee of Listed
Registrants </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 6. Investments </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&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;
</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;
</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>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>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In order to
facilitate the actual process of voting proxies, the Adviser has contracted with
Institutional Shareholder Services (&#147;ISS&#148;) to analyze proxy statements on behalf
of the registrant and other Adviser clients and vote proxies generally in
accordance with the Procedures. The Committee is responsible for overseeing
ISS&#146;s proxy voting activities. If a proxy has been voted for
the registrant, ISS will create a record of the vote. By no later than August 31
of each year, information (if any) regarding how the registrant voted proxies
relating to portfolio securities during the most recently disclosed 12-month
period ended June 30 is available without charge (i) through the registrant&#146;s
website at http://www.delawareinvestments.com; and (ii) on the Commission&#146;s
website at http://www.sec.gov. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Procedures contain a general guideline that recommendations of company
management on an issue (particularly routine issues) should be given a fair
amount of weight in determining how proxy issues should be voted. However, the
Adviser will normally vote against management&#146;s position when it runs counter to
its specific Proxy Voting Guidelines (the &#147;Guidelines&#148;), and the Adviser will
also vote against management&#146;s recommendation when it believes that such
position is not in the best interests of the registrant.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As stated
above, the Procedures also list specific Guidelines on how to vote proxies on
behalf of the registrant. Some examples of the Guidelines are as follows: (i)
generally vote for shareholder proposals asking that a majority or more of
directors be independent; (ii) generally vote against proposals to require a
supermajority shareholder vote; (iii) votes on mergers and acquisitions should
be considered on a case-by-case basis, determining whether the transaction
enhances shareholder value; (iv) generally vote against proposals to create a
new class of common stock with superior voting rights; (v) generally vote
re-incorporation proposals on a case-by-case basis; (vi) votes with respect to
equity-based compensation plans are generally determined on a case-by-case
basis; and (vii) generally vote for proposals requesting reports on the level of
greenhouse gas emissions from a company&#146;s operations and products. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Because the
registrant has delegated proxy voting to the Adviser, the registrant is not
expected to encounter any conflict of interest issues regarding proxy voting and
therefore does not have procedures regarding this matter. However, the Adviser
does have a section in its Procedures that addresses the possibility of
conflicts of interest. Most proxies which the Adviser receives on behalf of the
registrant are voted by ISS in accordance with the Procedures. Because almost
all registrant proxies are voted by ISS pursuant to the pre-determined
Procedures, it normally will not be necessary for the Adviser to make an actual
determination of how to vote a particular proxy, thereby largely eliminating
conflicts of interest for the Adviser during the proxy voting process. In the
very limited instances where the Adviser is considering voting a proxy contrary
to ISS&#146;s recommendation, the Committee will first assess the issue to see if
there is any possible conflict of interest involving the Adviser or affiliated
persons of the Adviser. If a member of the Committee has actual knowledge of a
conflict of interest, the Committee will normally use another independent third
party to do additional research on the particular proxy issue in order to make a
recommendation to the Committee on how to vote the proxy in the best interests
of the registrant. The Committee will then review the proxy voting materials and
recommendation provided by ISS and the independent third party to determine how
to vote the issue in a manner which the Committee believes is consistent with
the Procedures and in the best interests of the registrant.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>Item 8. Portfolio Managers of Closed-End
Management Investment Companies </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Applicable to
Form N-CSRs filed after fiscal years ending on or after December 31, 2005.
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 9. Purchases of Equity Securities by
Closed-End Management Investment Companies and Affiliated Purchasers </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 10. Submission of Matters to a Vote
of Security Holders </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face=serif size=2>Item 11. Controls and Procedures
</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&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></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There were no significant changes in the registrant&#146;s internal control
over financial reporting that occurred during the second fiscal quarter of the
period covered by the report to stockholders included herein (i.e., the
registrant&#146;s second fiscal quarter) that have materially affected, or are
reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting. </FONT></P>
<P align=left><FONT face=serif size=2>Item 12. Exhibits</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">
      <P align=left><FONT face=serif size=2>(a)&nbsp;</FONT></P></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=serif size=2>(1) Code of Ethics
  </FONT></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Not
applicable. </FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=serif size=2>(2) Certifications of Principal
      Executive Officer and Principal Financial Officer pursuant to Rule 30a-2
      under the Investment Company Act of 1940 are attached hereto as Exhibit
      99.CERT. </FONT></P></TD></TR></TABLE>
<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=serif size=2>(3) Written solicitations to
      purchase securities pursuant to Rule 23c-1 under the Securities Exchange
      Act of 1934. </FONT></P></TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Not applicable. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">
      <P align=left><FONT face=serif size=2>(b)&nbsp;</FONT></P></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=serif size=2>Certifications pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit
      99.906CERT. </FONT></P></TD></TR></TABLE>
<BR>
<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>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, 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</FONT><SUP><FONT face=serif size=2>&#174;</FONT></SUP><FONT face=serif size=2> National Municipal Income Fund </FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="27%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE<STRONG>
      </STRONG></FONT>&nbsp;</TD>
    <TD align=left width="72%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Chief
      Executive Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2>
      <P align=left><FONT face=serif size=2>November 26, 2008
    </FONT></P></TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="27%" colSpan=2><FONT face=serif size=2>PATRICK P. COYNE<STRONG>
      </STRONG></FONT>&nbsp;</TD>
    <TD align=left width="72%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Chief
      Executive Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2>
      <P align=left><FONT face=serif size=2>November 26, 2008
    </FONT></P></TD></TR></TABLE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="27%" colSpan=2><FONT face=serif size=2>RICHARD SALUS</FONT> &nbsp;</TD>
    <TD align=left width="72%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Richard
      Salus</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Title:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2><FONT face=serif size=2>Chief
      Financial Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="5%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD align=left width="94%" colSpan=2>
      <P align=left><FONT face=serif size=2>November 26, 2008
    </FONT></P></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>4
<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 style="BORDER-TOP: #ffffff 5pt solid" vAlign=top noWrap><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>I have
      reviewed this report on Form N-CSR of Delaware
      Investments</FONT><SUP><FONT face=serif size=2>&#174; </FONT></SUP><FONT face=serif size=2>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT></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>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=left><FONT face=serif size=2>5.</FONT></P></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=serif size=2>The registrant's other certifying
      officer(s) and I have disclosed to the registrant's auditors and the audit
      committee of the registrant's board of directors (or persons performing
      the equivalent functions): </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=2><BR>Date: November 26,
2008&nbsp;</FONT><FONT face=serif size=2><BR></FONT></P>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2><FONT face=serif>PATRICK P. COYNE</FONT>&nbsp; </FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="24%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>By:</FONT>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Patrick P.
      Coyne</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>Title:</FONT>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2></FONT></TD>
    <TD align=left width="97%"><FONT face=serif size=2>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 style="BORDER-TOP: #ffffff 5pt solid" vAlign=top noWrap><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>I have
      reviewed this report on Form N-CSR of Delaware
      Investments</FONT><SUP><FONT face=serif size=2>&#174; </FONT></SUP><FONT face=serif size=2>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=serif size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></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=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT></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>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      (d)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top>
      <P align=left><FONT face=serif size=2>5.</FONT></P></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=serif size=2>The registrant's other certifying
      officer(s) and I have disclosed to the registrant's auditors and the audit
      committee of the registrant's board of directors (or persons performing
      the equivalent functions): </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      (a)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>
      <P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></P></TD>
    <TD vAlign=top width="100%">
      <P align=left><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></P></TD></TR></TABLE>
<P align=left><FONT face=serif size=2><BR>Date: November 26, 2008 </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2><FONT face=serif>RICHARD&nbsp;SALUS</FONT>&nbsp; </FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="24%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>By:</FONT>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Richard
      Salus</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>Title:</FONT>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2></FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Chief&nbsp;Financial Officer</FONT>&nbsp;
</FONT></TD></TR></TABLE>
<BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>5
<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 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></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>
<P align=left><FONT face=serif size=2>Date: November 26, 2008 </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2><FONT face=serif>PATRICK P. COYNE</FONT>&nbsp; </FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="24%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>By:</FONT>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Patrick P.
      Coyne</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>Title:</FONT>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2></FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Chief&nbsp;Executive Officer</FONT>&nbsp;
</FONT></TD></TR></TABLE><BR><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="26%"><FONT size=2><FONT face=serif>RICHARD&nbsp;SALUS</FONT>&nbsp; </FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="24%"><FONT size=2>&nbsp;</FONT></TD>
    <TD align=left width="25%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>By:</FONT>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Richard
      Salus</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"><FONT size=2><FONT face=serif>Title:</FONT>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2></FONT></TD>
    <TD align=left width="97%"><FONT size=2><FONT face=serif>Chief&nbsp;Financial Officer</FONT>&nbsp;
</FONT></TD></TR></TABLE>
<P align=left><FONT face=serif size=2>A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act, or other document
authenticating, acknowledging, or otherwise adopting the signatures that appear
in typed form within the electronic version of this written statement required
by Section 906, has been provided to the registrant and will be retained by the
registrant and furnished to the SEC or its staff upon request. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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