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<SEC-DOCUMENT>0001206774-10-001363.txt : 20100528
<SEC-HEADER>0001206774-10-001363.hdr.sgml : 20100528
<ACCEPTANCE-DATETIME>20100528154447
ACCESSION NUMBER:		0001206774-10-001363
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100528
DATE AS OF CHANGE:		20100528
EFFECTIVENESS DATE:		20100528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		10866672

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	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>dinationalfund_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>
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    <title>dinationalfund_ncsr.htm</title>
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<body bgcolor="#ffffff"><br>
    <div align="center"><font size="2" style="FONT-FAMILY: serif">UNITED STATES
SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div>&#160;</div>
    <div align="center"><font size="2" style="FONT-FAMILY: serif">Washington, D.C.
20549</font></div>
    <div>&#160;</div>
    <div align="center"><font size="2" style="FONT-FAMILY: serif">FORM
N-CSR</font></div>
    <div>&#160;</div>
    <div align="center"><font size="2" style="FONT-FAMILY: serif">CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT<br>INVESTMENT COMPANIES</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Investment Company Act
file number: 811-07410</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Exact name of registrant
as specified in charter:<br></font><font size="2" style="FONT-FAMILY: serif">Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font><font size="2" style="FONT-FAMILY: serif"> National Municipal Income Fund</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Address of principal
executive offices:<br>2005 Market Street<br>Philadelphia, PA 19103</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Name and address of
agent for service:<br>David F. Connor, Esq.<br></font><font size="2" style="FONT-FAMILY: serif">2005 Market Street<br>Philadelphia, PA
19103</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Registrant&#8217;s telephone
number, including area code: (800) 523-1918</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Date of fiscal year end:
March 31</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Date of reporting
period: March 31, 2010</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 1. Reports to
Stockholders</font></div>
    <div><font size="2" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff"><font size="5">&#160;&#160;&#160;&#160; </font><font size="6">Annual Report</font></font></td>
            <td align="left" nowrap width="49%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0">&#160;<br>&#160;</td>
            <td align="left" nowrap width="49%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap valign="top" width="50%" bgcolor="#c0c0c0">
              <div align="left"><font color="#ffffff" size="6" style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman"><font color="#ffffff" style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;
      Delaware<br>&#160;&#160;&#160;&#160;
      Investments<br>&#160;&#160;&#160;&#160;
      Closed-End<br>&#160;&#160;&#160;&#160; Municipal
      Bond<br>&#160;&#160;&#160;&#160; Funds</font> </font></div>
              <div align="left">
              </div>
            </td>
            <td align="left" nowrap valign="top" width="49%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">March 31, 2010</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap valign="middle" width="50%" bgcolor="#c0c0c0"><font size="6">&#160;</font></td>
            <td align="left" nowrap valign="top" width="49%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap valign="top" width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" colspan="2" nowrap width="99%" bgcolor="#c0c0c0"><font size="2">&#160;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4"><font style="FONT-FAMILY: serif">&#160;</font></font></td>
            <td align="left" valign="top" width="49%" bgcolor="#c0c0c0">
            </td>
            <td align="left" valign="top" width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">&#160;</font></td>
            <td align="left" valign="top" width="49%" bgcolor="#c0c0c0">
            </td>
            <td align="left" valign="top" width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap rowspan="4" valign="top" width="50%" bgcolor="#c0c0c0">
              <div><font color="#ffffff" size="4"><br>&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div><font color="#ffffff" size="4">&#160;</font></div>
              <div>&#160;</div>
            </td>
            <td align="left" valign="top" width="49%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 3pt">
              <div>&#160;</div>
            </td>
            <td align="left" rowspan="2" valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr>
            <td align="left" valign="bottom" width="49%" bgcolor="#c0c0c0"><font color="#ffffff" size="2">&#160;<br>The figures in the annual report for
      Delaware Investments Closed-End Municipal Bond Funds represent past
      results, which are not a guarantee of future results. A rise or fall in
      interest rates can have a significant impact on bond prices. Funds that
      invest in bonds can lose their value as interest rates rise.</font></td>
          </tr><tr valign="bottom">
            <td align="left" rowspan="3" valign="top" width="49%" bgcolor="#c0c0c0"><br></td>
            <td align="left" valign="top" width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr>
            <td align="left" rowspan="2" valign="top" width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">&#160;</font></td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="50%">&#160;</td>
            <td align="left" nowrap width="49%"><font size="5"><font size="5" style="FONT-FAMILY: serif">Closed-end funds</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td align="left" nowrap width="50%">
            </td>
            <td align="left" nowrap width="49%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td valign="bottom" width="50%"><img src="gelinvestmunibond_ncsr1x1x1.jpg" alt=""></td>
            <td valign="bottom" width="50%"><img src="gelinvestmunibond_ncsr1x1x2.jpg" alt=""></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Table of
contents</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Portfolio management
    review</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">1</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Fund basics</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">4</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Sector/State allocations</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">5</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Statements of net assets</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">8</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Statements of operations</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">21</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Statements of changes in net
      assets</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">22</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Financial highlights</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">23</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Notes to financial
    statements</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">27</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Report of independent registered
      public accounting firm</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">34</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Other Fund information</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">35</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; Board of trustees/directors and
      officers addendum</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">43</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="96%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">&gt; About the organization</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">46</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">On January 4, 2010,
Delaware Management Holdings, Inc., and its subsidiaries (collectively known by
the marketing name of Delaware Investments) were sold by a subsidiary of Lincoln
National Corporation to Macquarie Group Limited, a global provider of banking,
financial, advisory, investment and funds management services. For more
information, including press releases, please visit
www.delawareinvestments.com.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Unless otherwise noted,
views expressed herein are current as of March 31, 2010 and are subject to
change. Holdings are as of the date indicated and subject to
change.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Funds are not FDIC
insured and are not guaranteed. It is possible to lose the principal amount
invested.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Mutual fund advisory
services provided by Delaware Management Company, a series of Delaware
Management Business Trust, which is a registered investment advisor. Delaware
Investments, a member of Macquarie Group, refers to Delaware Management
Holdings, Inc. and its subsidiaries, including the Funds&#8217; distributor,
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Delaware Distributors, L.P.</font></font><font size="1" style="FONT-FAMILY: serif"> Macquarie Group refers to Macquarie Group
Limited and its subsidiaries and affiliates worldwide.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Investments in Delaware
Investments Closed-End Municipal Bond Funds are not and will not be deposits
with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding
companies, including their subsidiaries or related companies (Macquarie Group),
and are subject to investment risk, including possible delays in repayment and
loss of income and capital invested. No Macquarie Group company guarantees or
will guarantee the performance of the Funds, the repayment of capital from the
Funds, or any particular rate of return.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#169;&#160;2010 Delaware
Management Holdings. Inc.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">All third-party
trademarks cited are the property of their respective owners.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Portfolio management
review</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds<br></font></font><font size="2" style="FONT-FAMILY: serif">April 6,
2010</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">The 12-month fiscal
period ended March 31, 2010, was a favorable one for the Funds and for investors
in tax-exempt debt in general. The strong conditions came after two very
challenging years for the municipal bond market.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">National economic
environment</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">On the heels of a
historically difficult prior fiscal period, the stage was set for a strong
&#8220;snapback&#8221; recovery. Such a recovery came to fruition for the municipal market
(as well as the broader fixed income and equity markets) early during the fiscal
period. In our view, this recovery was the defining element of the period. For
example, investors&#8217; extreme risk aversion eased within weeks of the start of the
period &#8212; slowly at first, and more quickly as the year progressed. The series of
aggressive actions taken by the federal government as well as the Federal
Reserve helped to usher in the improved conditions. In December 2008, for
example, the Fed cut its target federal funds rate to a range of 0&#8211;0.25%, an
all-time low. The Fed kept that policy in place throughout the Funds&#8217; fiscal
year. For its part, the federal government passed the Troubled Asset Relief
Program (TARP) &#8212; a $700 billion package designed to shore up financial
institutions &#8212; in October 2008. The passage and implementation of the American
Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package,
in February 2009 also helped to ease economic distress during the Funds&#8217; fiscal
year.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">By the second quarter of
2009, the worst economic and market conditions appeared to have passed, with the
U.S. economy declining by an annual rate of just 0.7%. In the third quarter,
gross domestic product turned to growth and expanded at an annualized 2.2% pace,
while fourth-quarter growth was estimated at an annual rate of 5.9% &#8212; the best
result in six years. Despite these favorable signs, joblessness remained
historically high. In January 2010, the national unemployment rate stood at
9.7%; this figure was below the October 2009 peak of 10.1%, but well above the
8.2% at the start of the fiscal period. (Data for economic growth: Bureau of
Economic Analysis; Employment data: Bloomberg.)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Municipal market trends</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Early in the reporting
period, municipal bond investors remained highly cautious. They tended to favor
higher-rated securities, as these securities face limited credit risk, and
shorter-maturity securities, as these bonds are typically subject to diminished
interest rate risk. But as the evidence of an improving economy mounted early
during the fiscal period, investors began to turn toward bonds offering the
prospect of higher returns, albeit with greater risk. The rally gathered
momentum in subsequent months thanks in part to a favorable technical
environment that generally grew stronger throughout the annual period. The
technical developments can be summarized in a few main points:</font></div>
    <ul style="MARGIN-LEFT: 16px; font-sise: 10pt">
      <li><font size="2" style="FONT-FAMILY: serif">Demand for municipal bonds was
  robust. The $80 billion in net inflows into tax-exempt bond mutual funds in
  calendar year 2009 more than doubled the previous record. (Source: Barclays
  Capital.)<br>&#160;</font>
        </li>
      <li><font size="2" style="FONT-FAMILY: serif">Although bond issuance approached
  a new record as well, supply of tax-exempt debt was limited by the
  introduction of Build America Bonds, or BABs. These bonds represent a
  relatively new category of taxable debt, with federally subsidized income
  payments. While they provided municipal issuers with an attractive</font>
  <font size="2" style="FONT-FAMILY: serif">alternative to traditional tax-exempt
  bonds, the surge in issuance of BABs continued diverting supply away from the
  tax-exempt market.<br>&#160;</font>
        </li>
      <li><font size="2" style="FONT-FAMILY: serif">Within this environment, the
  2-to-30-year yield curve flattened during the year. Yields at the short end
  remained anchored by the fed funds rate. Yet, driven by this combination of
  strong demand and constrained municipal supply, yields on longer-maturity
  bonds declined during the period. (It is important to remember that bond
  yields move in the opposite direction of bond prices.)</font> </li>
    </ul>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Medium- and lower-rated
municipal bonds significantly outperformed their higher-rated counterparts
during the Funds&#8217; fiscal year. Credit spreads, often viewed as a way to
determine a security or asset class&#8217;s perceived level of risk, narrowed from
historically high levels at the start of the fiscal period. For example,
municipal bond spreads (on Baa-rated bonds) declined from 2.39 percentage points
above &#8220;prime-rated&#8221; Aaa securities at the start of the period to </font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font><font size="3">
</font><font size="2" style="FONT-FAMILY: serif">1</font></font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Portfolio
management review</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End
Municipal Bond Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">1.43 percentage points
at the end of the fiscal period. Such a decline represented investors&#8217; increased
willingness to accept &#8220;risky&#8221; securities during the fiscal period. (Source:
Bloomberg.) </font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Similar trends occurred
when viewing the municipal market on a sector-by-sector basis. Namely, credits
within traditionally higher-risk sectors, such as industrial development revenue
(IDR), hospital, and housing bonds significantly outperformed lower-risk areas
like pre-refunded bonds. (Source: Barclays Capital.) Pre-refunded bonds are
found on the short end of the yield curve and have historically faced little, if
any, credit risk because they are backed by the invested debt proceeds of a
second bond issue, typically U.S. Treasury securities. </font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund positioning</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">At the beginning of the
fiscal year, the Funds were allocated relatively defensively, with an emphasis
on higher-rated, shorter-maturity bonds. A significant portion of the Funds&#8217;
holdings (approximately 30% across each Fund) was invested in pre-refunded
securities, which, as noted above, tend to be among the least risky bonds in the
municipal marketplace.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">As risk tolerance
re-emerged during the course of the year, we saw what we felt was an unusually
attractive opportunity to gradually and methodically tilt the Funds&#8217; portfolios
toward a slightly more aggressive stance. Especially during the second and third
calendar quarters of 2009, a number of new, lower-rated investment grade issues
came to market that offered much-higher-than-usual levels of income at what we
believed were still very attractive prices. This provided us with a dual
opportunity to trade out of some of the Funds&#8217; more defensive holdings (many of
which were scheduled to mature in the coming years) for more-aggressively
positioned bonds that we felt offered attractive yields and good long-term value
potential for our shareholders. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">More specifically, many
of our new purchases across each of the Funds involved medium- and
lower-medium-grade A-rated and BBB-rated issues in the healthcare, education,
and transportation sectors. Additionally, we sold some of the Funds&#8217;
shorter-maturity bonds &#8212; especially those with maturities of five years or less
&#8212; and replaced them with 30-year and longer bonds.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">By the final quarter of
2009 and in early 2010, we had essentially completed our repositioning and began
to note relatively fewer value opportunities available in the marketplace. We
had sold a significant portion of our exposure to high-quality, short-maturity
debt &#8212; the pre-refunded bond allocation across our closed-end funds, for
example, fell to roughly 10% from 30% at the start of the fiscal year &#8212; and
remained more aggressively positioned at period end.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Performance effects</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Our decision to move the
Funds toward a more aggressive stance proved a fruitful one when comparing each
Fund&#8217;s Performance to that of its benchmark index. The types of holdings we
emphasized during much of the year experienced strong returns relative to the
broader municipal market.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Our best individual
performers during the fiscal period largely fit the profile of the types of
securities that tended to outperform during the period. Namely, they were mid-
to low-investment-grade securities with long (20-plus years) maturities.
</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">For example, a Pima
County, Ariz., industrial development revenue (IDR) bond issued for the Tucson
Country Day School was a top performer within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Arizona Municipal Income Fund,
Inc.</font></font><font size="2" style="FONT-FAMILY: serif"> This bond was unrated
by Moody&#8217;s and rated BBB- (lower medium grade) by Standard &amp; Poor&#8217;s, and is
due to mature in 2037. IDR bonds were among the top performers within
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Colorado Municipal Income
Fund, Inc.</font></font><font size="2" style="FONT-FAMILY: serif"> and
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota Municipal
Income Fund II, Inc.</font></font><font size="2" style="FONT-FAMILY: serif">
Within the Colorado Fund IDR bonds issued for the Colorado Convention Center in
Denver rated Baa3/ BBB- by Moody&#8217;s and S&amp;P, respectively, which mature in
2035, added to returns. Within the Minnesota Fund, IDR bonds issued for
International Paper boosted the Fund&#8217;s return. These bonds are rated Baa3/BBB
and mature in 2027.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">The strongest performer
within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments National Municipal Income
Fund</font></font><font size="2" style="FONT-FAMILY: serif"> came from a different
sector &#8212; student housing &#8212; though it shared similar rating and maturity profiles
with those of the aforementioned bonds. These bonds were issued by the Maryland
State Economic Development Corporation for the University of Maryland College
Park. The bonds are due to mature in 2033 and are rated Baa2 by Moody&#8217;s (unrated
by S&amp;P). </font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">2</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">The Funds&#8217; weakest
individual performers relative to the index tended to be higher-rated,
shorter-maturity bonds. For example, three of the Funds&#8217; worst-performing bonds
during the year were pre-refunded bonds. Within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Arizona Municipal Income Fund,
Inc.,</font></font><font size="2" style="FONT-FAMILY: serif"> pre-refunded bonds
issued by the Commonwealth of Puerto Rico (which are exempt from federal, state,
and local income taxes in all 50 states) detracted from returns, whereas
pre-refunded bonds issued by the Colorado Educational and Cultural Facilities
Authority to benefit student housing at the University of Colorado detracted
from returns within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Colorado Municipal Income Fund, Inc.
</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota Municipal Income Fund II,
Inc,</font></font><font size="2" style="FONT-FAMILY: serif"> pre-refunded bonds
issued by the Minneapolis Community Development Agency weakened the Fund&#8217;s
return. Within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments National Municipal Income
Fund,</font></font><font size="2" style="FONT-FAMILY: serif"> a Virginia state
general obligation bond notably hurt the Fund&#8217;s return. Unlike the weaker
performers mentioned above, this bond was not pre-refunded; instead, it was
largely punished by investors for its high credit quality (rated Aaa/AAA by
Moody&#8217;s and S&amp;P, respectively) during a period when lower-rated, higher-risk
securities were most in demand. </font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Economic environments by
state</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Arizona </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">The Arizona economy has
slowed significantly due to the housing crisis, with employment figures down
significantly from their peak in 2007.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Arizona ended fiscal
2009 with a general fund balance of negative $455.9 million, down from a
positive $237.3 million in fiscal 2008. Its budget stabilization fund is fully
depleted. Additionally, the state is dealing with limited financial flexibility
as a result of voter mandates and constitutional constraints. For example, 73%
of the state&#8217;s General Fund Budget is protected from reductions due to either
the federal stimulus or voter constraints. (Sources: Bureau of Labor Statistics,
azcentral.com, Arizona 2008 and 2009 Comprehensive Annual Financial Report, and
Moody&#8217;s.)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Colorado </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">As of February 2010
(latest data available), unemployment in Colorado was 7.7%, well below the
national rate of 9.7%. The state&#8217;s economy is diverse, with below-average
employment concentration in manufacturing and a variety of service-sector
strengths. Its economic outlook is favorable, reflecting a growing population
and work force, relatively low costs of living and doing business, and a mix of
technology and service industries. Additionally, Colorado is a wealthy state,
with per capita income that&#8217;s above the U.S. average.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Fiscal 2009,
state-generated general fund revenues totaled $11.2 billion, a 0.3% increase
over 2008. Colorado ended fiscal 2009 with a general fund balance of $335
million, up from $207 million in fiscal 2008. Colorado&#8217;s Required Statutory
Reserve declined $3.5 million to total $148.2 million. (Sources: Bureau of Labor
Statistics, </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">The Denver Post</font></font><font size="2" style="FONT-FAMILY: serif">, Colorado 2008 and 2009 Comprehensive Annual
Financial Report, and Moody&#8217;s.)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Minnesota </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Unemployment in
Minnesota in February 2010 was 7.3%, well below the national rate of 9.7%.
Two-thirds of the jobs lost in the state over the past two years have been in
the manufacturing, construction, and retail trade sectors. These three
industries are projected to regain only about one-quarter of their losses over
the next two years.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Minnesota currently
faces a budget deficit of $994 million for the 2010-2011 biennium, or 3.2% of
projected biennial expenditures. The State House and Senate recently fixed about
one-third of the budget problem by passing a bill that cut spending by $312
million. The budget bill cut funding for local governments, colleges and
universities, environmental and natural resource programs, economic development,
bus operations, courts, prisons, and state agencies. (Sources: Bureau of Labor
Statistics, Minnesota Management &amp; Budget, twincities.com, Minnesota 2008
and 2009 Comprehensive Annual Financial Report, and Moody&#8217;s.)</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif">3</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Fund basics</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1">Delaware
      Investments</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt">
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Arizona Municipal Income Fund,
      Inc.</font></font></div>
            </td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr>
            <td align="left" nowrap width="100%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">As of March 31,
      2010</font></div>
            </td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund objective</font></font></td>
          </tr><tr>
            <td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">The Fund seeks to provide current income
      exempt from both regular federal income tax and from Arizona state
      personal income tax, consistent with the preservation of
  capital.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Total Fund net
assets</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">$41 million</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Number of holdings</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">56</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund start date</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Feb. 26, 1993</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Cusip number</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">246100101</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Colorado Municipal Income Fund,
      Inc.</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: serif">As of March 31, 2010</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund objective</font></font></td>
          </tr><tr>
            <td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">The Fund seeks to provide current income
      exempt from both regular federal income tax and Colorado state personal
      income tax, consistent with the preservation of capital.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Total Fund net
assets</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">$68 million</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Number of holdings</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">55</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund start date</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">July 29, 1993</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Cusip number</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">246101109</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1">Delaware
      Investments</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt">
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal Income Fund II,
      Inc.</font></font></div>
            </td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">As of March 31,
      2010</font></div>
            </td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund objective</font></font></td>
          </tr><tr>
            <td width="100%" style="TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">The Fund seeks to provide current income exempt from both regular
      federal income tax and Minnesota state personal income tax, consistent
      with the preservation of capital.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Total Fund net
assets</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">$162 million</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Number of holdings</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">96</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund start date</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Feb. 26, 1993</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Cusip number</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">24610V103</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">National Municipal Income
      Fund</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: serif">As of March 31, 2010</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund objective</font></font></td>
          </tr><tr>
            <td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">The Fund seeks to provide current income
      exempt from regular federal income tax, consistent with the preservation
      of capital.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Total Fund net
assets</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">$32 million</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Number of holdings</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">72</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund start date</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Feb. 26, 1993</font></td>
          </tr><tr>
            <td align="left" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Cusip number</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">24610T108</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">4</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif"><font color="#000000">Sector/State allocations</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">As of March 31,
2010</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Sector designations may
be different than the sector designations presented in other Fund
materials.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1">Delaware Investments<br>Arizona Municipal Income Fund,
Inc.</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="95%">
            </td>
            <td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Percentage</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Sector</font></td>
            <td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">of Net
      Assets</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">98.26</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">3.94</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12.74</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">10.93</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">22.44</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.36</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.45</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">4.66</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded/Escrowed to Maturity
      Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.91</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">14.36</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bond</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.85</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bond</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">4.88</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer
      Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">8.74</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of
    Securities</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">98.26</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other Assets Net of
      Liabilities</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">1.74</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Net Assets</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.00</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1">Delaware
Investments<br>Colorado Municipal Income Fund, Inc.</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="95%">
            </td>
            <td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Percentage</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Sector</font></td>
            <td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">of Net
      Assets</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">99.48</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bond</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.23</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">20.07</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">5.76</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">11.55</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">2.73</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.71</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">8.40</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded/Escrowed to Maturity
      Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">18.75</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">10.19</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.46</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bond</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.14</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer
      Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7.49</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Short-Term Investment</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">0.15</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of
    Securities</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">99.63</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other Assets Net of
      Liabilities</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">0.37</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Net Assets</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.00</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-STYLE: italic"> </font><font size="2" style="FONT-FAMILY: serif">5</font></div>
    <div align="right">
    </div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif"><font color="#b2b2b2">Sector/State allocations</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Sector designations may
be different than the sector designations presented in other Fund
materials.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>Minnesota Municipal Income Fund II,
Inc.</font></font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="94%">
            </td>
            <td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Percentage</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Sector</font></td>
            <td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">of Net
      Assets</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">98.98</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">5.70</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">7.65</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">10.78</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">15.64</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">8.28</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">9.47</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded/Escrowed to Maturity
      Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">22.82</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">2.95</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bond</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.65</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">7.84</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer
      Revenue Bond</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.91</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of
    Securities</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">98.98</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other Assets Net of
      Liabilities</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">1.02</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Net Assets</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.00</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div>
    <div>
    </div>
    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>
    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>National Municipal
Income Fund</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#ffffff">
            </td>
            <td colspan="4" nowrap width="6%" bgcolor="#ffffff" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Percentage</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Sector</font></td>
            <td colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">of Net
      Assets</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">99.94</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">13.04</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.60</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bond</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3.34</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">17.16</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.51</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2.58</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">23.11</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">7.91</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">12.18</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer
      Revenue Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">8.51</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Short-Term Investment</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">0.95</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of
    Securities</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.89</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Liabilities Net of Receivables and Other
      Assets</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">(0.89</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%)</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Net Assets</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.00</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">6</font></div>
    <div align="left"><font size="2">&#160;</font></div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="2" style="FONT-FAMILY: serif">State</font></td>
            <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">(as a % of fixed
      income investments)</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3.70</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">California</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">8.04</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.94</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Florida</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">34.90</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Georgia</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2.90</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Hawaii</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">0.98</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Idaho</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.85</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Illinois</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">0.98</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Iowa</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.66</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Maryland</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.99</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Massachusetts</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.93</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Missouri</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.59</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New Hampshire</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.99</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">New Mexico</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1.56</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New York</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9.71</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Ohio</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">2.86</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Pennsylvania</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Puerto Rico</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">12.85</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Texas</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.88</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Virginia</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">2.51</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Washington
      D.C.</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.79</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100.00</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">%</font></font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div align="right"><font size="2" style="FONT-FAMILY: serif">7</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Statements of net
assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Arizona Municipal Income
Fund, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">March 31,
2010<br>&#160;</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds &#8211;
98.26%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds &#8211;
      3.94%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1">&#8226;</font></td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Navajo County Pollution
Control</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Arizona Public Services)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      D 5.75% 6/1/34</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">521,210</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Pima County Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Pollution Control Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Tucson
      Electric Power San Juan)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75%
      9/1/29</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">253,200</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 4.95% 10/1/20</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">496,770</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Salt Verde Financial Gas Revenue
      Senior</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">400,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">349,692</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,620,872</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds &#8211;
    12.74%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Arizona Board of Regents System</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (University of Arizona)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 6/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">514,790</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      8-A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      6/1/18</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">225,500</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      6/1/19</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">375,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">417,596</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona Health Facilities
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Health
      Care Education Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Kirksville College)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      1/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">494,755</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Glendale Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Midwestern
      University)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      5/15/31</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">350,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">332,042</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Northern Arizona University
      Certificates</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of
      Participation (Northern Arizona</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;University
      Research Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      9/1/30 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">965,220</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Pima County Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Educational Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (Tucson Country Day</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;School
      Project) 5.00% 6/1/37</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">381,590</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">South Campus Group Student
    Housing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Arizona State University</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;South
      Campus Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.625%
      9/1/35 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,003,180</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">University of Puerto Rico System</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Series Q 5.00% 6/1/36</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">899,080</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,233,753</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds &#8211;
10.93%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Electric Power</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Power Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      TT 5.00% 7/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">100,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">96,110</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      WW 5.50% 7/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">203,028</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      XX 5.25% 7/1/40</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">805,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">798,898</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Salt River Project
Agricultural</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      &amp; Power District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Electric
      System Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/31</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,021,940</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,046,450</font> </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Salt River Project
Agricultural</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      &amp; Power District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Electric
      System Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.00% 1/1/25</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">&#160;</td>
            <td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">1,326,100</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
            </td>
            <td nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">4,492,526</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds &#8211;
    22.44%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Arizona Health Facilities Authority Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Banner
      Health) Series D 5.50% 1/1/21</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">530,360</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Catholic
      Healthcare West) Series D</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/28</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">488,840</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Glendale Industrial
Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Hospital Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (John C. Lincoln Health)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/42</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,305,300</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Maricopa County Industrial</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Authority Health</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Revenue (Catholic</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Healthcare
      West) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      7/1/32</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">400,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">397,372</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      7/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">521,940</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Scottsdale Industrial
    Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Hospital Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (Scottsdale Healthcare)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.25% 9/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">491,375</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Show Low Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Hospital Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (Navapache Regional</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Medical
      Center)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.50% 12/1/17 (ACA)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,600,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,600,544</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University Medical Center
    Hospital</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/33</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">931,040</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/35</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">464,765</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.50%
      7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">532,090</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Yavapai County Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue (Yavapai</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regional
      Medical Center)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.25% 8/1/21 (RADIAN)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,956,439</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">9,220,065</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds &#8211; 1.36%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Phoenix Industrial Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Single Family Mortgage</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Statewide
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.35% 6/1/20 (GNMA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(FNMA)
      (FHLMC) (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">340,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">340,211</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Pima County Industrial
    Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Single Family Mortgage</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing
      Revenue Series A-1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.125%
      11/1/33 (GNMA) (FNMA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(FHLMC)
      (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">30,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">30,045</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Housing Finance
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate-Capital
      Foundation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Modernization
      5.50% 12/1/18</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">175,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">190,010</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">560,266</font>
  </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">8</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds &#8211; 6.45%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona Certificates of
      Participation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department
      Administration Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      10/1/25 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">526,360</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Arizona Game &amp; Fishing Department</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Commission Beneficial Interest</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certificates
      (AGF Administration</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Building
      Project) 5.00% 7/1/26</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">640,000</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">648,864</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Nogales Development Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Municipal
      Facilities Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      6/1/30 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">451,665</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Pima County Industrial Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Lease Revenue Metro</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Police
      Facility (Nevada Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      7/1/31</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">513,975</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375%
      7/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">508,520</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,649,384</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds &#8211;
      4.66%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Gila County Unified School District
      #10</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Payson
      School Improvement</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project
      of 2006) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      7/1/27 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">512,985</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Maricopa County School</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;District
      #6 (Washington</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Elementary)
      Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.375% 7/1/13 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,403,475</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,916,460</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#ffffff"><font size="1">&#167;</font><font size="1" style="FONT-FAMILY: serif">Pre-Refunded/Escrowed to Maturity Bonds &#8211; 6.91%</font> </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
Public</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      7/1/31-11</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">264,470</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Southern Arizona Capital
      Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Finance
      (University of Arizona</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project)
      5.00% 9/1/23-12 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,096,300</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University of Arizona
    Certificates</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of
      Participation (University</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of
      Arizona Project) Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      6/1/22-12 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">543,695</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Virgin Islands Public Finance</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue (Gross Receipts</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tax
      Loan Note) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.125%
      10/1/29-10 (ACA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">900,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">934,812</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,839,277</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds &#8211;
    14.36%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Flagstaff Aspen Place Sawmill</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      District Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/32</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">385,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">385,054</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Gilbert Public Facilities
      Municipal</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Property
      Revenue 5.00% 7/1/25</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">526,055</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Glendale Municipal Property Series
      A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/33 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,027,979</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Marana Tangerine Farm Road</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      District Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.60%
      1/1/26</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">924,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">829,854</font> </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Peoria Municipal Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Sales Tax &amp; Excise</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shared
      Revenue (Senior Lien &amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate
      Lien) 5.00% 1/1/18</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,085,000</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,222,817</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Queen Creek Improvement District
      #1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/32</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">907,490</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,899,249</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bond &#8211;
      0.85%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
    Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Public
      Improvement) Series C</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">335,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">350,196</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">350,196</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bond &#8211;
      4.88%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Phoenix Civic Improvement
    Airport</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Senior Lien)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.25% 7/1/27 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(FGIC)
      (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,006,560</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,006,560</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer Revenue Bonds &#8211;
      8.74%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Phoenix Civic Improvement</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Wastewater
      Systems Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Junior
      Lien 5.00% 7/1/19</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(NATLE-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">850,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">940,143</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      5.00% 7/1/24</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(NATL-RE)
      (FGIC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,022,840</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Phoenix Civic Improvement
Water</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Systems
      Revenue Junior Lien</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">900,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">932,643</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Scottsdale Water &amp; Sewer
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      5.00% 7/1/19</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">600,000</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">697,590</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,593,216</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Municipal Bonds</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $40,336,034)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">
            </td>
            <td nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">40,381,824</font></font></td>
          </tr><tr>
            <td colspan="7" width="100%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of Securities &#8211;
      98.26%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $40,336,034)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">40,381,824</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other
      Assets</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net of Liabilities &#8211;
    1.74%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">713,536</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets Applicable to
      2,982,200</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Shares Outstanding; Equivalent
      to</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$13.78 Per Share &#8211;
    100.00%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">41,095,360</font></font></td>
          </tr><tr>
            <td colspan="7" width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Components of Net Assets March 31,
      2010:</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Common stock, $0.01 par value, 200
      million shares</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">authorized to the Fund</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">40,651,205</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Undistributed net investment
      income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">268,364</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Accumulated net realized gain on
      investments</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">130,001</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation of
      investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">45,790</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Total net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">41,095,360</font>
  </td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">9</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Arizona
Municipal Income Fund, Inc.<br>&#160;</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="right" nowrap valign="top" width="1%">
              <div align="right"><font size="1" style="FONT-FAMILY: serif">&#167;</font></div>
            </td>
            <td valign="top" width="99%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded
      bonds. Municipal bonds that are generally backed or secured by U.S.
      Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by
      the year in which the bond is pre-refunded. See Note 9 in &#8220;Notes to
      financial statements.&#8221;</font></div>
            </td>
          </tr><tr>
            <td align="right" nowrap width="1%">
            </td>
            <td width="99%">&#160;</td>
          </tr><tr>
            <td align="right" nowrap valign="top" width="1%"><font size="1">&#8226;</font></td>
            <td valign="top" width="99%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">Variable rate
      security. The rate shown is the rate as of March 31,
  2010.</font></div>
            </td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Summary of
Abbreviations:</font></font><br><font size="1" style="FONT-FAMILY: serif">ACA &#8212;
Insured by American Capital Access</font><br><font size="1" style="FONT-FAMILY: serif">AGM &#8212; Insured by Assured Guaranty Municipal Corporation<br></font><font size="1" style="FONT-FAMILY: serif">AMBAC &#8212; Insured by the AMBAC Assurance
Corporation<br></font><font size="1" style="FONT-FAMILY: serif">AMT &#8212; Subject to
Alternative Minimum Tax<br></font><font size="1" style="FONT-FAMILY: serif">FGIC &#8212;
Insured by the Financial Guaranty Insurance Company</font><br><font size="1" style="FONT-FAMILY: serif">FHLMC &#8212; Federal Home Loan Mortgage Corporation
Collateral<br>FNMA &#8212; Federal National Mortgage Association
Collateral</font><br><font size="1" style="FONT-FAMILY: serif">GNMA &#8212; Government
National Mortgage Association Collateral</font><br><font size="1" style="FONT-FAMILY: serif">NATL-RE &#8212; Insured by the National Public
Finance Guarantee Corporation</font><br><font size="1" style="FONT-FAMILY: serif">RADIAN &#8212; Insured by Radian Asset Assurance</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">10</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Colorado Municipal Income
Fund, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">March 31,
2010<br>&#160;</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds &#8211;
99.48%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bond &#8211;
      1.23%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Public Authority for Colorado
      Energy</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;National
      Gas Purpose Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      2008 6.50% 11/15/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">832,988</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">832,988</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds &#8211;
    20.07%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Boulder County Development Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (University Corporation</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;for
      Atmospheric Research)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      9/1/26 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,020,249</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Board of Governors</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (University Enterprise</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;System)
      Series A 5.00% 3/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">700,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">725,445</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Colorado Educational &amp; Cultural</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Authority Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Bromley
      Charter School Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      5.25% 9/15/32 (XLCA)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">992,160</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Johnson
      &amp; Wales University Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 4/1/28 (XLCA)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,823,449</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Littleton
      Charter School Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      4.375% 1/15/36 (CIFG)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">999,156</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Student
      Housing (Campus</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Village
      Apartments) Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      6/1/23</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,065,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,085,725</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Student
      Housing (University of</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Northern
      Colorado) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/31 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,365,225</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University of Colorado
    Enterprise</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Systems
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375%
      6/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">796,485</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Western State College 5.00% 5/15/34</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">769,298</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">13,577,192</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds &#8211; 5.76%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Platte River Power Authority
    Power</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Series HH 5.00% 6/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,612,289</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Electric Power</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Power Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      TT 5.00% 7/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">685,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">658,354</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      WW 5.50% 7/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">304,542</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      XX 5.25% 7/1/40</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,335,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,324,881</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,900,066</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds &#8211;
    11.55%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Health Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Catholic
      Health Initiatives)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">753,803</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      D 6.125% 10/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">833,618</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Evangelical
      Lutheran)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      6/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">969,429</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 6.125% 6/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">754,433</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Porter
      Place) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      1/20/36 (GNMA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,515,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,546,763</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Colorado Springs Hospital
    Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      6.25% 12/15/33</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">795,270</font> </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University of Colorado
Hospital</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      11/15/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">480,440</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      11/15/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">650,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">681,909</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7,815,665</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds &#8211; 2.73%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Colorado Housing &amp; Finance</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      (Single Family</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage
      - Class I) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      11/1/29 (FHA) (VA) (HUD)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">525,500</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Housing Finance
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate-Capital
      Foundation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Modernization</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      12/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">993,610</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      12/1/18</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">325,731</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
            </td>
            <td nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">1,844,841</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds &#8211; 6.71%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Aurora Certificates of
      Participation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      Series A 5.00% 12/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">630,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">656,945</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Glendale Certificates of
      Participation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/25 (XLCA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,532,295</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff"><font size="1">&#8226;</font></td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Public Buildings
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding Guaranteed</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Government
      Facilities)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      M-2 5.50% 7/1/35 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">700,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">715,029</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Westminster Building Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certificates
      of Participation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      12/1/22 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,555,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,636,731</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,541,000</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds &#8211;
      8.40%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Adams &amp; Arapahoe Counties
      Joint</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;School
      District #28J (Aurora)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      12/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">600,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">687,594</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arapahoe County Water &amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Wastewater
      Public Improvement</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;District
      Refunding Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      12/1/32 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">635,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">636,441</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Boulder Larimer &amp; Weld
      Counties</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vrain
      Valley School District Re-1J</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/15/33</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">779,730</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Bowles Metropolitan District
      Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/33 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,012,500</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Denver City &amp; County School
      District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#1
      Series A 5.00% 12/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">240,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">258,158</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Jefferson County School
    District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#R-1
      (Supplemental Interest</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regional
      Coupons) Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      12/15/24</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">885,203</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Sand Creek Metropolitan
    District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      &amp; Improvement</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/31 (XLCA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">421,090</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,680,716</font>
    </td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">11</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Colorado
Municipal Income Fund, Inc.<br>&#160;</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="3" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">&#167;Pre-Refunded/Escrowed to Maturity Bonds
      &#8211; 18.75%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Educational &amp;
      Cultural</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(University
      of Colorado Foundation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project)
      5.00% 7/1/27-12 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,350,840</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(University
      of Denver Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      &amp; Improvement Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      3/1/35-16 (FGIC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,168,870</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Denver Convention Center Hotel</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue Senior Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/33-13 (XLCA)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">3,349,050</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Northwest Parkway Public
    Highway</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Senior Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      6/15/41-11 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,612,305</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Ute Water Conservancy District Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75%
      6/15/20-10 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,155,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,200,902</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">12,681,967</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds &#8211;
    10.19%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Denver Convention Center Hotel</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue Senior</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      5.00% 12/1/35 (XLCA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,575,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,324,780</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
    Highway</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Transportation Authority Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      K 5.00% 7/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">718,613</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Sales Tax Financing
      Sales</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tax
      Revenue First Subordinate</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.75% 8/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">590,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">628,981</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Regional Transportation
    District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Colorado
      Sales Tax Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Fastracks
      Project) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.375%
      11/1/31 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,231,925</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.50%
      11/1/36 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">3,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,986,080</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">6,890,379</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bonds &#8211;
      5.46%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Guam Government Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.00%
      11/15/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">805,118</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
    Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Public
      Improvement)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.50% 7/1/19 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,361,217</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      C 6.00% 7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">505,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">527,907</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,694,242</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bond &#8211;
      1.14%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Denver City &amp; County Airport
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;System
      Series A 5.25% 11/15/36</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">772,808</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">772,808</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer Revenue Bonds &#8211;
      7.49%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Colorado Springs Utilities
    Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Systems
      Improvement Series C</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      11/15/48</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">789,540</font> </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Water Resources &amp;
      Power</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Authority Small</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Water
      Revenue Un-Refunded</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Balance
      Series A 5.80% 11/1/20</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(FGIC)
      (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">780,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">784,329</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Colorado Water Resources &amp;
      Power</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Authority Water</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Resources
      Revenue (Parker Water</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Sanitation District) Series D</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      9/1/34 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,498,890</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      9/1/43 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,993,640</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,066,399</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Municipal Bonds</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">(cost $66,072,009)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">67,298,263</font></font> </td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr>
            <td colspan="7" width="98%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Short-Term Investment &#8211;
      0.15%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#8226;Variable Rate Demand Note &#8211;
    0.15%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Educational &amp;
      Cultural</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Authority Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(National
      Jewish Federation Bond</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Program)
      0.30% 2/1/35</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LOC &#8211;
      Bank of America N. A.)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">100,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">100,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Short-Term
    Investment</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">(cost $100,000)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">100,000</font></font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr>
            <td colspan="7" width="98%">&#160; </td>
            <td width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of Securities &#8211;
      99.63%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $66,172,009)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">67,398,263</font></font> </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other
      Assets</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net of Liabilities &#8211;
    0.37%</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">252,539</font></font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets Applicable to
      4,837,100</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Shares Outstanding; Equivalent
      to</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$13.99 Per Share &#8211;
    100.00%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">67,650,802</font></font> </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr>
            <td colspan="7" width="98%">
            </td>
            <td width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Components of Net Assets March 31,
      2010:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Common stock, $0.01 par value, 200
      million shares</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">authorized to the Fund</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">66,918,121</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Undistributed net investment
      income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">176,704</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Accumulated net realized loss on
      investments</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(670,277</font></td>
            <td align="right" nowrap width="1%"><font size="1">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation of
      investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,226,254</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Total net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">67,650,802</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td align="right" nowrap valign="top" width="1%">
              <div align="right"><font size="1" style="FONT-FAMILY: serif">&#167;</font></div>
            </td>
            <td valign="top" width="99%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded
      bonds. Municipal bonds that are generally backed or secured by U.S.
      Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by
      the year in which the bond is pre-refunded. See Note 9 in &#8220;Notes to
      financial statements.&#8221;</font></div>
            </td>
          </tr><tr>
            <td align="right" nowrap width="1%">
            </td>
            <td width="99%">&#160;</td>
          </tr><tr>
            <td align="right" nowrap width="1%"><font size="1">&#8226;</font></td>
            <td width="99%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif">Variable rate
      security. The rate shown is the rate as of March 31,
  2010.</font></div>
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">12</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Summary of
Abbreviations:</font></font><br><font size="1" style="FONT-FAMILY: serif">AGM &#8212;
Insured by Assured Guaranty Municipal Corporation</font><br><font size="1" style="FONT-FAMILY: serif">AMBAC &#8212; Insured by the AMBAC Assurance
Corporation</font><br><font size="1" style="FONT-FAMILY: serif">CIFG &#8212; CDC IXIS
Financial Guaranty</font><br><font size="1" style="FONT-FAMILY: serif">FGIC &#8212;
Insured by the Financial Guaranty Insurance Company</font><br><font size="1" style="FONT-FAMILY: serif">FHA &#8212; Insured by the Federal Housing
Administration</font><br><font size="1" style="FONT-FAMILY: serif">GNMA &#8212;
Government National Mortgage Association Collateral</font><br><font size="1" style="FONT-FAMILY: serif">HUD &#8212; Housing and Urban Development Section
8</font><br><font size="1" style="FONT-FAMILY: serif">LOC &#8212; Letter of
Credit</font><br><font size="1" style="FONT-FAMILY: serif">NATL-RE &#8212; Insured by
the National Public Finance Guarantee Corporation</font><br><font size="1" style="FONT-FAMILY: serif">XLCA &#8212; Insured by XL Capital
Assurance</font><br><font size="1" style="FONT-FAMILY: serif">VA &#8212; Veterans
Administration Collateral</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">13</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota Municipal
Income Fund II, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">March 31,
2010<br>&#160;</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds &#8211;
98.98%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="95%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds &#8211;
      5.70%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Cloquet Pollution Control
    Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (Potlatch Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.90%
      10/1/26</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,080,625</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Laurentian Energy Authority I</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cogeneration
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/21</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,325,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,210,720</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Sartell Environmental
    Improvement</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (International</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Paper)
      Series A 5.20% 6/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">929,080</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">9,220,425</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds &#8211;
7.65%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Minnesota Higher Education</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Authority Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Augsburg
      College) Series 6-J1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      5/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,502,610</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Carleton
      College) Series 6-T</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,055,780</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(College
      of St. Benedict)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      5-W 5.00% 3/1/20</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,034,620</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(St.
      Mary&#8217;s University) Series 5-U</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.80%
      10/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,400,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,408,512</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(University
      St. Thomas)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      6-X 5.00% 4/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,306,047</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      7-A 5.00% 10/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,010,550</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University of Minnesota</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.25% 4/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,098,850</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      C 5.00% 12/1/19</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,290,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,469,865</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">University of the Virgin
    Islands</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375%
      6/1/34</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">481,315</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">12,368,149</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bonds &#8211;
10.78%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Chaska Electric Revenue
    Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Generating
      Facilities) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      10/1/25</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">259,540</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal Power
    Agency</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Electric
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      10/1/34</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,900,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,924,415</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      10/1/19</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,610,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,705,054</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Electric Power
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Power
      Revenue Series XX</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      7/1/40</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,665,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,644,799</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Southern Minnesota Municipal</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Power
      Agency Supply</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;System
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      1/1/14 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,843,198</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Western Minnesota Municipal</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Power
      Agency Supply Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 1/1/30 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">5,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,053,350</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">17,430,356</font>
    </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds &#8211;
    15.64%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Bemidji Health Care Facilities
      First</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage
      Revenue (North</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country
      Health Services)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      9/1/24 (RADIAN)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,457,910</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Glencoe Health Care Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Glencoe Regional</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Health
      Services Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      4/1/25</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,903,660</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Maple Grove Health Care System</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Maple Grove Hospital)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      5/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">952,790</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Minneapolis Health Care System</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Fairview Health Services)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 6.625% 11/15/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">600,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">669,354</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 6.50% 11/15/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(ASSURED
      GTY)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">295,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">330,049</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      D 5.00% 11/15/34</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,936,599</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minneapolis &#8211; St. Paul Housing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Redevelopment Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Children&#8217;s Hospital)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A-1 5.00% 8/15/34 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">502,785</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Minnesota Agricultural &amp;
      Economic</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Board Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Fairview
      Health Care)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Un-Refunded
      Balance Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75%
      11/15/26 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">100,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">100,028</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.375%
      11/15/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">195,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">197,629</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Rochester Health Care &amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing
      Revenue Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Samaritan
      Bethany) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.375%
      12/1/41</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,220,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,259,357</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Shakopee Health Care
Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (St. Francis Regional</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Medical
      Center) 5.25% 9/1/34</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,560,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,458,257</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">St. Cloud Health Care Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Centracare
      Health System Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.125% 5/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,125,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,115,899</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      D 5.50% 5/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(ASSURED
      GTY)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,546,080</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">St. Louis Park Health Care
      Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (Park Nicollet</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Health
      Services)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75%
      7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,500,915</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      C 5.50% 7/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,040,230</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">St. Paul Housing &amp;
      Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Health Care</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Allina
      Health System)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 11/15/18 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,380,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,443,066</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A-1 5.25% 11/15/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,395,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,404,347</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Health
      Partners Obligation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Group
      Project) 5.25% 5/15/36</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,847,760</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Regions
      Hospital Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.30%
      5/15/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">960,550</font>
</td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">14</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds </font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">St. Paul Housing &amp;
      Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue (Franciscan</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Health
      Elderly Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.40%
      11/20/42 (GNMA) (FHA)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,700,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,713,607</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Winona Health Care Facilities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (Winona</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Health
      Obligation Group)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      7/1/23</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,010,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">949,249</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">25,290,121</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds &#8211; 8.28%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Chanhassen Multifamily Housing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (Heritage</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Park
      Apartments Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.20%
      7/1/30 (FHA) (HUD) (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,105,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,105,939</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Dakota County Community</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Agency Mortgage</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      5.85% 10/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(GNMA)
      (FNMA) (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">10,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">10,006</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minneapolis Multifamily</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8226;(Gaar Scott Loft
      Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.95%
      5/1/30 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LOC &#8211;
      U.S. Bank N.A.)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">900,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">907,839</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Olson
      Townhomes Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      12/1/19 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">755,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">755,113</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Seward
      Towers Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      5/20/36 (GNMA)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,018,800</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Sumner
      Housing Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.15% 2/20/45</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(GNMA)
      (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,001,420</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Minnesota Housing Finance
    Agency</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Rental
      Housing)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.00% 2/1/35 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">980,420</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      D 5.95% 2/1/18 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">120,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">120,502</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Residential
      Housing)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B-1 5.35% 1/1/33 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,555,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,559,525</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8226;Series D 4.75%
      7/1/32 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">956,240</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      I 5.15% 7/1/38 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">745,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">746,222</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      L 5.10% 7/1/38 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,495,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,483,817</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Washington County Housing
&amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Redevelopment
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (Woodland</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Park
      Apartments Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.70%
      10/1/32</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">752,100</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">13,397,943</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lease Revenue Bonds &#8211; 6.29%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Andover Economic Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Public Facilities Lease</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding (Andover</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Community
      Center)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      2/1/24</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">205,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">226,492</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.20%
      2/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">410,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">454,108</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Public Buildings</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue Un-Refunded</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Balance
      (Government Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bond)
      Series D 5.25% 7/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">530,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">530,064</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">St. Paul Port Authority Lease
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Cedar
      Street Office Building Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/22</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,385,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,461,821</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      12/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,800,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,883,243</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Robert
      Street Office</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Building
      Project) Series 3-11</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,061,960</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Virginia Housing &amp;
      Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Health Care Facility</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      10/1/25</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">680,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">642,430</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375%
      10/1/30</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">965,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">910,671</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">10,170,789</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds &#8211;
      9.47%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Dakota County Community</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development
      Agency</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Governmental
      Housing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      (Senior Housing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities)
      Series A 5.00% 1/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,100,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,157,299</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minneapolis Special School District
      #1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      2/1/19 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,175,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,275,427</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Morris Independent School
    District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#769
      5.00% 2/1/28 (NATL-RE)</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">3,750,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">4,090,689</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Rocori Independent School
    District</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#750
      (School Building) Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      2/1/22</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,010,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,130,160</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      2/1/24</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,075,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,191,648</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      2/1/25</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,115,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,230,748</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      2/1/26</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,155,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,266,746</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Washington County Housing
&amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Redevelopment
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Refunding
      Series B</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      2/1/22 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,705,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,791,699</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      2/1/32 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2,140,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,173,341</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">15,307,757</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="95%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#167;Pre-Refunded/Escrowed to Maturity Bonds
      &#8211; 22.82%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Andover Economic Development</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Public Facilities</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease
      Revenue (Andover</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Community
      Center)</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125%
      2/1/24-14</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">295,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">325,928</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.20%
      2/1/29-14</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">590,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">653,472</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Dakota-Washington Counties</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing
      &amp; Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue (Bloomington</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Single
      Family Residential</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage)
      8.375% 9/1/21</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(GNMA)
      (FHA) (VA) (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">7,055,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">10,164,069</font>
</td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">15</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota
Municipal Income Fund II, Inc.<br>&#160;</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              <div align="left"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal<br>Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td colspan="3" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" colspan="2" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">&#167;Pre-Refunded/Escrowed to Maturity Bonds
      </font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Hennepin County Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/18-10</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,371,691</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Minneapolis Community Planning</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Economic Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department
      Supported (Limited</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tax
      Common Bond Fund)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      G-1 5.70% 12/1/19-11</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,100,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1,162,656</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Southern Minnesota Municipal</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Power
      Agency Power Supply</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Refunding</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.75% 1/1/18-13</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,715,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,001,092</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.50% 1/1/15 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">390,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">410,701</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">St. Louis Park Health Care Facilities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      (Park Nicollet Health</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Services)
      Series B 5.25% 7/1/30-14</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1,424,825</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">St. Paul Housing &amp;
      Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Sales Tax</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Civic
      Center Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.55%
      11/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,407,617</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.55%
      11/1/23 (NATL-RE) (IBC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,396,518</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">University of Minnesota Hospital &amp;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Clinics
      6.75% 12/1/16</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,580,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">3,164,731</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">University of Minnesota Series
    A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      7/1/21</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,633,440</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Western Minnesota Municipal</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Power
      Agency Power Supply</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue
      Series A 6.625% 1/1/16</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,535,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,785,727</font></td>
            <td align="right" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">36,902,467</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds &#8211;
    2.95%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minneapolis Community Planning</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp;
      Economic Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department
      Supported</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Common
      Bond Fund)</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      5 5.70% 12/1/27</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">375,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">375,589</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Limited
      Tax Common</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bond
      Fund) Series A</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.75%
      12/1/25 (AMT)</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">865,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">866,540</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Minneapolis Development
Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Limited
      Tax Supported</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Common
      Bond Fund) Series 1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50%
      12/1/24 (AMT)</font> </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,015,890</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Infrastructure
      Financing</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Special Tax Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.00% 7/1/46</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">800,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">729,240</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Sales Tax Financing
      Sales</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tax
      Revenue First Subordinate</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B 5.75% 8/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,279,283</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Virgin Islands Public Finance</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Revenue (Senior Lien</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Matching
      Fund Loan Note)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A 5.25% 10/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">502,980</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,769,522</font>
    </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bond &#8211;
      0.65%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
Public</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement
      Refunding Series C</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00%
      7/1/39</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,010,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">1,055,814</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,055,814</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds &#8211;
      7.84%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minneapolis - St. Paul
      Metropolitan</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Airports
      Commission Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/22 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,063,090</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/28 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,120,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,137,702</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      1/1/16 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,075,370</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series
      B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      1/1/35 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,004,880</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25%
      1/1/24 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(FGIC)
      (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,003,200</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">St. Paul Housing &amp;
      Redevelopment</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority
      Parking Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Block
      19 Ramp Project) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.35%
      8/1/29 (AGM)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">3,350,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,395,225</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">12,679,467</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer Revenue Bond &#8211;
      0.91%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">St. Paul Sewer Revenue Series
D</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00%
      12/1/21</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">1,325,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,479,720</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,479,720</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Municipal Bonds</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">(cost $154,415,880)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">160,072,530</font></font> </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr>
            <td colspan="7" width="98%" bgcolor="#ffffff">&#160;</td>
            <td align="left" width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of Securities &#8211;
      98.98%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $154,415,880)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">160,072,530</font></font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other
      Assets</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net of Liabilities &#8211;
    1.02%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">1,650,001</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets Applicable to
      11,504,975</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Shares Outstanding; Equivalent
      to</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$14.06 Per Share &#8211;
    100.00%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">161,722,531</font></font> </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr>
            <td colspan="7" width="98%" bgcolor="#ffffff">&#160;</td>
            <td align="left" width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Components of Net Assets at March 31,
      2010:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Common stock, $0.01 par value, 200
      million shares</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">authorized to the Fund</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">157,931,075</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Undistributed net investment
      income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">362,513</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="94%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Accumulated net realized loss on
      investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">(2,227,707</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation of
      investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
            </td>
            <td nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">5,656,650</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Total net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">161,722,531</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">16</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td align="left" colspan="2" nowrap width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%"><font size="1"><font size="3">&#160;</font></font></td>
            <td align="left" valign="top" width="99%"><font style="FONT-FAMILY: serif">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%"><font size="1">&#167;</font></td>
            <td align="left" valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">Pre-Refunded bonds. Municipal bonds that are generally backed or
      secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated
      maturity is followed by the year in which the bond is pre-refunded. See
      Note 9 in &#8220;Notes to financial statements.&#8221;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap valign="top" width="1%"><font size="1">&#160; </font></td>
            <td align="left" valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">&#160; </font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%" style="LINE-HEIGHT: 10pt"><font size="2" style="FONT-FAMILY: serif">&#8226;</font></td>
            <td align="left" valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">Variable rate security. The rate shown is the rate as of March 31,
      2010.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Summary of
Abbreviations:<br></font></font><font size="1" style="FONT-FAMILY: serif">AGM &#8212;
Insured by Assured Guaranty Municipal Corporation<br>AMBAC &#8212; Insured by the
AMBAC Assurance Corporation<br>AMT &#8212; Subject to Alternative Minimum
Tax<br>ASSURED GTY &#8212; Insured by the Assured Guaranty Corporation<br>FGIC &#8212;
Insured by the Financial Guaranty Insurance Company<br>FHA &#8212; Insured by Federal
Housing Administration<br>FNMA &#8212; Federal National Mortgage Association
Collateral<br>GNMA &#8212; Government National Mortgage Association Collateral<br>HUD
&#8212; Housing and Urban Development Section 8<br>IBC &#8212; Insured by Integrity Building
Corporation<br>LOC &#8212; Letter of Credit<br>NATL-RE &#8212; Insured by the National
Public Finance Guarantee Corporation<br>RADIAN &#8212; Insured by Radian Asset
Assurance<br>VA &#8212; Veterans Administration Collateral</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: serif">(continues)&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">17</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments National Municipal Income
Fund</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">March 31, 2010
</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td nowrap width="88%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="3%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds &#8211;
99.94%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds &#8211;
      13.04%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2">&#8226;</font></td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Brazos, Texas Harbor
Industrial</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Environmental</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Revenue (Dow Chemical</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project)
      5.90% 5/1/38 (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">125,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">122,679</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Buckeye, Ohio Tobacco Settlement</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing
      Authority Asset-Backed</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Senior Turbo
      Series A-2</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.875%
      6/1/47</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">320,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">228,016</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.50%
      6/1/47</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">130,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">101,838</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2">&#8226;</font></td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Chesapeake, Virginia Economic</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Authority Pollution</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Control
      Revenue (Virginia</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Electric
      &amp; Power Project) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.60%
      2/1/32</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">517,665</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Clayton County, Georgia Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Special Facilities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Delta Airlines) Series B</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.00% 6/1/35
      (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">205,350</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Golden State, California
    Tobacco</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Securitization Corporation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Settlement
      Revenue (Asset-</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Backed
      Senior Notes) Series A-1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.125%
      6/1/47</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">370,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">237,041</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Harris County, Texas Industrial</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Solid Waste Disposal</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Deer Park Refining Project</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remarketing)
      5.00% 2/1/23</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">150,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">150,779</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Hawaii State Department Budget
      &amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Finance
      Special Purpose Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Hawaiian
      Electric Subsidiary)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.50%
      7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">290,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">311,863</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Iowa Finance Authority Pollution</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Control
      Facilities Revenue Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Interstate
      Power) 5.00% 7/1/14</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (FGIC)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">530,774</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">M-S-R Energy Authority, California
      Gas</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.125%
      11/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">115,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">119,333</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.50%
      11/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">210,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">225,053</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New York City, New York Industrial</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Agency Special</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Revenue (American</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Airlines-JFK
      International Airport)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.625%
      8/1/25 (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">450,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">455,868</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ohio State Air Quality
    Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Revenue (First Energy</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Generation)
      Series A 5.70% 8/1/20</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">260,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">273,029</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Pennsylvania Economic Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing
      Authority Exempt Facilities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Allegheny Energy Supply)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00%
      7/15/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">345,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">384,868</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Salt Verde Financial Gas
    Revenue,</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Arizona
      Senior Note 5.00% 12/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">262,269</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,126,425</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds &#8211;
5.60%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">California Statewide Communities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Authority School</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Revenue (Aspire Public</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schools)
      6.125% 7/1/46</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">265,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">259,122</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">California Statewide
    Communities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Authority Student</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing
      Revenue (Irvine, LLC - UCI</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; East Campus)
      6.00% 5/15/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">470,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">493,349</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Marietta, Georgia Development</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Revenue Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Life
      University Income Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00%
      6/15/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">430,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">403,164</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Maryland State Economic
      Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Student
      Housing Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University
      of Maryland College Park</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Projects)
      5.75% 6/1/33</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">370,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">374,773</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Massachusetts State Health &amp;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Educational
      Facilities Authority</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Nichols College Project)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C
      6.125% 10/1/29</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">242,403</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,772,811</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Electric Revenue Bond &#8211; 3.34%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Electric Power
      Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power
      Revenue Series XX</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25%
      7/1/40</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,065,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,056,927</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,056,927</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds &#8211;
    17.16%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Arizona Health Facilities Authority</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Banner Health) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      1/1/17</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">310,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">333,092</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Brevard County, Florida Health
      Care</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Authority Revenue (Health</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; First Income
      Project) Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00%
      4/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">90,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">98,813</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Butler County, Pennsylvania Hospital</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Revenue (Butler Health</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; System
      Project) 7.125% 7/1/29</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">150,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">168,861</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Illinois Finance Authority
    Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Silver
      Cross &amp; Medical Centers)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00%
      8/15/44</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">312,210</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Lycoming County, Pennsylvania</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Health System Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Susquehanna
      Health System</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project)
      Series A 5.50% 7/1/28</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">493,720</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Maricopa County Industrial</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Authority Health</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Revenue (Catholic</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Healthcare
      West) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00%
      7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">225,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">234,873</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Massachusetts State Health &amp;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Education
      Facilities Authority</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Caregroup) Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series E-2
      5.375% 7/1/19</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">360,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">373,316</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">18</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td nowrap width="88%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="3%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds </font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New Hampshire Health &amp;
      Education</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities
      Authority Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      (Dartmouth-Hitchcock Medical</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Center)
      6.00% 8/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">317,544</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New Mexico State Hospital Equipment</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Loan Council
      Revenue (Presbyterian</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Healthcare)
      5.00% 8/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">497,680</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ohio State Hospital Facilities
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refunding
      (Cleveland Clinic Health)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A
      5.50% 1/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">310,932</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Orange County, Florida Health Facilities</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority
      Revenue (Orlando</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Regional
      Healthcare) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.25%
      10/1/18 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,470,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,646,738</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Scottsdale, Arizona Industrial</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development
      Authority Hospital</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      Refunding (Scottsdale</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Healthcare)
      Series A 5.00% 9/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">360,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">350,719</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">St. Mary Hospital Authority</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pennsylvania
      Health System Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Catholic
      Health East) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      11/15/40</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">291,288</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,429,786</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds &#8211; 6.51%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">California Housing Finance
    Agency</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Home Mortgage) Series M</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.95% 8/1/25
      (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">261,263</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Florida Housing Finance Agency</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Homeowner
      Mortgage) Series 2</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.90% 7/1/29
      (NATL-RE) (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">285,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">288,195</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Volusia County, Florida
      Multifamily</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing
      Finance Authority (San</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Marco
      Apartments) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.60% 1/1/44
      (AGM) (AMT)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,511,819</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,061,277</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds &#8211;
      2.58%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Idaho Board Bank Authority Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A
      5.00% 9/15/28</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">271,500</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New York City, New York</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal 2003
      Series I-1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.375%
      4/1/36</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">268,915</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal 2009
      Subordinate Series A-1</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25%
      8/15/21</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">276,115</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">816,530</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds &#8211;
    23.11%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Brooklyn Arena Local Development,</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New York
      Pilot Revenue (Barclays</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Center
      Project) 5.875% 7/15/30</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">322,209</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">California State Economic
    Recovery</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refunding
      Series A 5.25% 7/1/21</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">260,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">284,591</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Jacksonville, Florida Sales Tax Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Better
      Jacksonville)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      10/1/30 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,218,840</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Jacksonville, Florida
      Transportation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25%
      10/1/29 (NATL-RE)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,022,580</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Manchester, Missouri Tax Increment &amp;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Transportation Revenue Refunding</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Highway
      141/Manchester Road</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project)
      6.875% 11/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">165,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">163,238</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Miami-Dade County, Florida
    Special</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Obligation
      (Capital Appreciation &amp;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Income)
      Series B</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      10/1/35 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,982,921</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New York State Dormitory Authority</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (State
      Personal Income Tax Revenue-</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Education)
      Series A 5.00% 3/15/38</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">570,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">599,817</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New York State Thruway
    Authority</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (State
      Personal Income Tax</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Revenue-Transportation) Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      3/15/22</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">425,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">467,258</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Sales Tax Financing Sales</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tax Revenue
      First Subordinate</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series
      A</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif"><font size="2"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></font><font size="1" style="FONT-FAMILY: serif"><font size="2">&#8226;</font>5.00%
      8/1/39</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">523,345</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.75%
      8/1/37</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">245,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">261,187</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="FONT-FAMILY: serif">&#937;(Capital Appreciation) 6.75%
      8/1/32</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">610,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">467,400</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7,313,386</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bonds &#8211;
      7.91%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">California State Various
    Purposes</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00%
      4/1/38</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">105,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">110,591</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New York State Refunding Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00%
      2/15/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">314,661</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth
    (Public</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Improvement)
      Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A
      5.00% 7/1/16 (ASSURED GTY)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">273,740</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A
      5.50% 7/1/19 (NATL-RE)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,311,787</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C
      6.00% 7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">209,072</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Virginia State Commonwealth</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refunding
      Series B 5.00% 6/1/20</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">284,378</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,504,229</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds &#8211;
      12.18%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Bay Area Toll Authority, California
      Toll</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bridge
      Revenue (San Francisco Bay</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Area) Series
      F-1 5.625% 4/1/44</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">235,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">254,571</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Florida Ports Financing Commission</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (State Transportation Trust</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fund) 5.375%
      6/1/27 (NATL-RE) (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">999,959</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Maryland State Economic
      Development</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (Transportation Facilities</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project)
      Series A 5.75% 6/1/35</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">255,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">260,092</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Metropolitan Washington D.C.</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Airports
      Authority Dulles Toll Road</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue
      (First Senior Lien) Series A</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25%
      10/1/44</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">245,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">252,201</font></td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: serif">(continues)&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">19</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Statements
of net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments National
Municipal Income Fund</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td nowrap width="88%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Principal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="3%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Amount</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Value</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds
      </font><font size="1" style="FONT-FAMILY: serif">(continued)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Pennsylvania State Turnpike</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Commission
      Revenue</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Subordinate Series B
      5.25% 6/1/39</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">306,546</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Subordinate Series D
      5.125% 12/1/40</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">390,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">395,168</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Sacramento County, California Airport</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Services Revenue
      (PFC/Grant)</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Subordinate Series C
      6.00% 7/1/41</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">322,359</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">St. Louis, Missouri Airport
      Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">(Lambert-St. Louis
      International)</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Series A-1 6.625%
      7/1/34</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">325,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">344,188</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Texas Private Activity Bond Surface</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div>
                <div><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="FONT-FAMILY: serif">Transportation Senior Lien
      Note</font></div>
              </div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Mobility Partners
      7.50% 12/31/31</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">326,160</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2">&#8226;</font></td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Triborough, New York Bridge &amp;
      Tunnel</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Authority Revenue
      Subordinate</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Series B-3 5.00%
      11/15/38</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">350,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">395,129</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,856,373</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Water &amp; Sewer Revenue Bonds &#8211;
      8.51%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Atlanta, Georgia Water &amp; Wastewater</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Revenue Series A
      6.25% 11/1/39</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">318,867</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Florida Water Pollution
Control</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Financing Revenue
      Series A</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">5.00%
      1/15/25</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">235,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,820</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Riviera Beach, Florida Utility Special</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">District Water &amp;
      Sewer Revenue</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">5.00% 10/1/34
      (NATL-RE) (FGIC)</font></div>
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,110,672</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Winter Haven, Florida Utilities
      Systems</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Revenue 5.00%
      10/1/30 (NATL-RE)</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,011,980</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,692,339</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Municipal Bonds</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $30,682,889)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">31,630,083</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="8" width="99%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Short-Term Investment &#8211;
      0.95%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: serif">Variable Rate Demand Note &#8211;
    0.95%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2">&#8226;</font></td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado Educational &amp;
      Cultural</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Facilities Authority
      Revenue</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">(National Jewish
      Federation Bond</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">Program) Series A-8
      0.30% 9/1/35</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
              <div><font size="1" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font><font size="1" style="FONT-FAMILY: serif">(LOC - Bank of
      America N.A.)</font></div>
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Short-Term
    Investment</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">(cost $300,000)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">300,000</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="9" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of Securities &#8211;
      100.89%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(cost $30,982,889)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">31,930,083</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Liabilities Net of Receivables
      and</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Other Assets &#8211; (0.89%)</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">(279,955</font></font></td>
            <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">)</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets Applicable to
      2,422,200</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Shares Outstanding, Equivalent
      to</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$13.07 Per Share &#8211;
    100.00%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">31,650,128</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Components of Net Assets at March 31,
      2010:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Common stock, $0.01 par value, unlimited shares</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; authorized
      to the Fund</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">33,208,317</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Undistributed net investment
      income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">145,793</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Accumulated net realized loss on investments</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(2,651,176</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation of
      investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">947,194</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Total net assets</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">31,650,128</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%"><font size="1">&#937;</font></td>
            <td align="left" nowrap valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">Step coupon bond. Indicates security
      that has a zero coupon that remains in effect until a predetermined date
      at which time the stated interest rate becomes effective.</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%"><font size="1">&#160;</font></td>
            <td align="left" nowrap valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap valign="top" width="1%" style="LINE-HEIGHT: 10pt"><font size="2" style="FONT-FAMILY: serif">&#8226;</font></td>
            <td align="left" nowrap valign="top" width="99%"><font size="1" style="FONT-FAMILY: serif">Variable rate security. The rate shown
      is the rate as of March 31, 2010.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Summary of
Abbreviations:<br></font></font><font size="1" style="FONT-FAMILY: serif">AGM &#8212;
Insured by Assured Guaranty Municipal Corporation<br>AMT &#8212; Subject to
Alternative Minimum Tax<br>ASSURED GTY &#8212; Insured by the Assured Guaranty
Corporation<br>FGIC &#8212; Insured by the Financial Guaranty Insurance Company<br>LOC
&#8212; Letter of Credit<br></font><font size="1" style="FONT-FAMILY: serif">NATL-RE &#8212;
Insured by the National Public Finance Guarantee Corporation</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">20</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Statements of
operations</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Year Ended March 31,
2010</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Investments</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Investments</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Investments</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Investments</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="79%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund, Inc.</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund, Inc.</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund II, Inc.</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Investment Income:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Interest</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,954,031</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,307,301</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7,806,021</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,579,265</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="14" width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Expenses:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Management fees</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">160,532</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">265,120</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">632,888</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">123,057</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Accounting and administration expenses</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">16,085</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">26,563</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">63,411</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12,330</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Dividend disbursing and
      transfer agent fees and expenses</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">13,163</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">16,828</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">55,998</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">18,878</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Audit and tax</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">13,038</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">14,635</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">20,921</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12,286</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Reports and statements to
      shareholders</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">10,989</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">17,116</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">31,407</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">10,476</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Legal fees</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">7,525</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">11,141</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">25,765</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,607</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Pricing fees</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4,330</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4,291</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">7,575</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">5,191</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Stock exchange fees</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,625</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,715</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">10,843</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,816</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Directors&#8217;/Trustees&#8217;
      fees</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,512</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4,152</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,910</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,925</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Insurance fees</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,669</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,621</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,603</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,325</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Registration fees</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">863</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">863</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">863</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">863</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Dues and services</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">773</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,295</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,145</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">734</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Custodian fees</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">718</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,059</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,212</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">741</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Consulting fees</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">541</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">926</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,202</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">406</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Directors&#8217;/Trustees&#8217;
      expenses</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">183</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">316</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">753</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">139</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Taxes (Pennsylvania franchise tax)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7,274</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Total operating
    expenses</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">235,546</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">371,641</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">881,770</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">195,774</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Investment Income</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,718,485</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,935,660</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">6,924,251</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,383,491</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="14" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Realized and Unrealized Gain (Loss)
      on Investments:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain (loss) on
      investments</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">397,279</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,097</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">457,242</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(344,009</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      change in unrealized appreciation/depreciation of investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,548,883</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,519,706</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">9,715,309</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,879,326</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Realized and Unrealized Gain on
      Investments</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,946,162</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,519,803</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">10,172,551</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,535,317</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="14" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Increase in Net Assets Resulting
      from Operations</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,664,647</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">6,455,463</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">17,096,802</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,918,808</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif">21</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Statements of changes in
net assets</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Arizona Municipal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Colorado Municipal</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income Fund, Inc.</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income Fund, Inc.</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Year Ended</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Year Ended</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/09</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Increase (Decrease) in Net Assets from
      Operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net investment
income</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,718,485</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,107,397</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,935,660</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3,653,366</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      realized gain (loss) on investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">397,279</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(198,104</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,097</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1,425,714</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net change in unrealized
      appreciation/depreciation of investments</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,548,883</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(3,039,177</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,519,706</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(3,237,138</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Dividends on preferred stock</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(520,055</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(835,572</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net increase (decrease) in net
      assets resulting from operations</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,664,647</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,649,939</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">6,455,463</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,845,058</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Dividends and Distributions to Common
      Shareholders from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net investment
income</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(1,438,912</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(1,699,854</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(2,757,147</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(3,175,556</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      realized gain on investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(74,555</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,513,467</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,699,854</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(2,757,147</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(3,175,556</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Increase (Decrease) in Net
      Assets</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,151,180</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(3,349,793</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,698,316</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(5,020,614</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Beginning of year</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">37,944,180</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">41,293,973</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">63,952,486</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">68,973,100</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; End
      of year</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">41,095,360</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">37,944,180</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">67,650,802</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">63,952,486</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Undistributed net investment income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">268,364</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">176,704</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Delaware Investments</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">National Municipal</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income Fund II, Inc.</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Income Fund</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Year Ended</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">
            </td>
            <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Year Ended</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="76%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">3/31/09</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Increase (Decrease) in Net Assets from
      Operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net investment
income</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6,924,251</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">8,930,566</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,383,491</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,704,667</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      realized gain (loss) on investments</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">457,242</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(3,108,067</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(344,009</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(2,108,853</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net change in unrealized
      appreciation/depreciation of investments</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,715,309</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(8,600,912</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,879,326</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(1,210,078</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Dividends on preferred stock</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(2,008,388</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(416,044</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net increase (decrease) in net
      assets resulting from operations</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">17,096,802</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(4,786,801</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,918,808</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(2,030,308</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Dividends and Distributions to Common
      Shareholders from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net investment
income</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(6,557,836</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(7,334,488</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,235,322</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,368,543</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(6,557,836</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(7,334,488</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,235,322</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,368,543</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Increase (Decrease) in Net
      Assets</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">10,538,966</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(12,121,289</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,683,486</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(3,398,851</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Beginning of year</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">151,183,565</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">163,304,854</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">28,966,642</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">32,365,493</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; End
      of year</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">161,722,531</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">151,183,565</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">31,650,128</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">28,966,642</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="17" width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Undistributed net investment income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">362,513</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">145,793</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">22</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Financial
highlights</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Arizona Municipal Income
Fund, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Selected data for each
share of the Fund outstanding throughout each period were as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="74%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td colspan="14" nowrap width="24%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Year
      Ended</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/08</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/07</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/06</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, beginning of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$12.720</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$13.850</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$15.070</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Income (loss) from investment
      operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.576</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.707</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.906</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.932</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.951</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized and unrealized gain (loss)
      on investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.992</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1.093</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.783</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.160</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.177</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Dividends on preferred stock from:</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      investment income</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.174</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.312</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.297</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.232</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on
      investments</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.023</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.013</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.002</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total dividends on preferred
    stock</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.174</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.335</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.310</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.234</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total from investment operations</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1.568</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.560</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.212</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.782</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.540</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Less dividends and distributions to
      common shareholders from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.483</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.610</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.750</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.860</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized gain on
    investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.025</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.058</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.032</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.020</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total dividends and distributions</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.508</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.668</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.782</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.880</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, end of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.780</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$12.720</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.850</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Market value, end of
    period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$11.840</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$9.900</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$12.390</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.790</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$15.980</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total investment return based on:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Market value</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">25.04%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(15.86%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(11.86%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(2.58%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9.74%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset value</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">13.27%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(3.29%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1.08%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.26%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3.31%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Ratios and supplemental
      data:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net assets applicable to common shares, end of period (000
      omitted)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$41,095</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$37,944</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$41,294</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$43,916</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$43,923</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of expenses to average net assets
      applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.58%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.96%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.07%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.05%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.03%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to average net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">4.27%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">5.37%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">6.34%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">6.34%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">6.28%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to
      average net assets</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.27%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.05%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3.99%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.23%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.72%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">Portfolio turnover</font></td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">20%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">4%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">18%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">17%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">2%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Leverage analysis:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$25,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$25,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$25,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset coverage per share of
      preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$132,588</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$137,832</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$137,847</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Liquidation value per
      share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> 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&#8217;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></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect
the effect of dividend payments to preferred shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total
net investment income less dividends paid to preferred shareholders divided by
average net assets applicable to common shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund
redeemed all of its preferred shares at par plus accumulated dividends amounting
to $25,024,395. See Note 7 in &#8220;Notes to financial statements.&#8221;</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any
accumulated but unpaid dividends.</font></div>
    <div align="left"><font style="FONT-FAMILY: serif">&#160;</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: serif">(continues)&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">23</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Financial
highlights</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Colorado Municipal Income
Fund, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Selected data for each
share of the Fund outstanding throughout each period were as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="74%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td colspan="14" nowrap width="24%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Year
      Ended</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/08</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/07</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/06</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, beginning of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$13.220</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.260</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$15.100</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$15.260</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$15.580</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Income (loss) from investment
      operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.607</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.755</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.937</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.985</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1.018</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized and unrealized gain (loss)
      on investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.733</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.965</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.604</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.069</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.129</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Dividends on preferred stock from:</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      investment income</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.173</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.264</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.274</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.213</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on
      investments</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.050</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.019</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.006</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total dividends on preferred
    stock</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.173</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.314</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.293</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.219</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total from investment operations</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1.340</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.383</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.019</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.761</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.670</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Less dividends and distributions to
      common shareholders from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.657</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.720</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.850</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.960</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized gain on
    investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.139</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.071</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.030</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total dividends and distributions</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.657</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.859</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.921</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.990</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, end of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.990</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.220</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.260</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$15.100</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$15.260</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Market value, end of
    period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.390</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$11.240</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$15.060</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$15.940</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$18.650</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total investment return based on:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Market value</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">24.49%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(21.63%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.14%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(9.86%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">14.64%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset value</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">10.55%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(2.66%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.19%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.35%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3.44%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Ratios and supplemental
      data:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net assets applicable to common shares, end of period (000
      omitted)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$67,651</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$63,952</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$68,973</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$73,056</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$73,833</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of expenses to average net assets
      applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.56%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.91%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.03%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.01%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.95%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to average net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common
      shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4.41%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">5.55%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.37%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.49%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.51%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to
      average net assets</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.41%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.28%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.23%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.56%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.11%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Portfolio turnover</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">20%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">16%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">16%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">11%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">12%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Leverage analysis:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$40,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$40,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$40,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset coverage per share of
      preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$136,216</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$141,320</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$142,291</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Liquidation value per
      share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> 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&#8217;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></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect
the effect of dividend payments to preferred shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total
net investment income less dividends paid to preferred shareholders divided by
average net assets applicable to common shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund
redeemed all of its preferred shares at par plus accumulated dividends amounting
to $40,042,778. See Note 7 in &#8220;Notes to financial statements.&#8221;</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any
accumulated but unpaid dividends.</font></div>
    <div align="left"><font style="FONT-FAMILY: serif">&#160;</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">24</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota Municipal
Income Fund II, Inc.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Selected data for each
share of the Fund outstanding throughout each period were as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="74%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td colspan="14" nowrap width="24%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Year
      Ended</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/08</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/07</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/06</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, beginning of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$13.140</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.190</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.880</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.890</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Income (loss) from investment
      operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.602</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.776</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.962</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.963</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.971</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized and unrealized gain (loss)
      on investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.888</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1.013</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.674</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.225</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.012</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Dividends on preferred stock from:</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      investment income</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.175</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.318</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.298</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.243</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total dividends on preferred stock</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.175</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.318</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.298</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.243</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total from investment
    operations</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1.490</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.412</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.030</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.890</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.740</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Less dividends to common shareholders
      from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.638</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.660</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.740</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.900</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total dividends</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.570</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.638</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.660</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.740</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.900</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, end of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.060</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.140</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.190</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.880</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.730</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Market value, end of
    period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$12.740</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$11.250</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.450</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.640</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$16.200</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total investment return based on:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Market value</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">18.58%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(11.91%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(3.58%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(5.13%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4.73%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset value</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12.04%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(2.48%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.08%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6.05%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.69%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Ratios and supplemental
      data:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net assets applicable to common shares, end of period (000
      omitted)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$161,723</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$151,184</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$163,305</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$171,143</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$169,481</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of expenses to average net assets
      applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2,4</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.56%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.98%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.18%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.20%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.07%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to average net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common
      shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4.36%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">5.74%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.61%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.52%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.45%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to
      average net assets</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.36%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.45%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.43%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.50%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.86%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Portfolio turnover</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">19%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">15%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">3%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">8%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Leverage analysis:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$95,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$95,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$95,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset coverage per share of
      preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$135,950</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$140,075</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$139,200</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Liquidation value per
      share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5,6</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> 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&#8217;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></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect
the effect of dividend payments to preferred shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total
net investment income less dividends paid to preferred shareholders divided by
average net assets applicable to common shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> 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&#8217; fees in connection with the Fund&#8217;s
participation in inverse floater programs for the years ended March 31, 2009,
2008, and 2007. See Note 1 and 8 in &#8220;Notes to financial
statements.&#8221;</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> In 2008, the Fund
redeemed all of its preferred shares at par plus accumulated dividends amounting
to $95,083,577. See Note 7 in &#8220;Notes to financial statements.&#8221;</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font> Excluding any
accumulated but unpaid dividends.</font></div>
    <div align="left"><font style="FONT-FAMILY: serif">&#160;</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: serif">(continues)&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">25</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Financial
highlights</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments National Municipal Income
Fund</font></font></div>
    <div>&#160;</div>
    <div align="left">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Selected data for each
share of the Fund outstanding throughout each period were as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="74%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td colspan="14" nowrap width="24%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">Year
      Ended</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/10</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/09</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/08</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/07</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">3/31/06</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, beginning of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$11.960</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$13.360</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.560</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$14.650</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$15.340</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Income (loss) from investment
      operations:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.571</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.704</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.919</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">0.960</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1.017</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized and unrealized gain (loss)
      on investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.049</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1.367</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(1.081</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.141</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.236</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Dividends on preferred stock from:</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net
      investment income</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.172</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.311</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.285</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(0.202</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on
      investments</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.015</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.018</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.055</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total dividends on preferred
    stock</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.172</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.326</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.303</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.257</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total from investment operations</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1.620</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.835</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.488</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.798</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">0.524</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Less dividends and distributions to
      common shareholders from:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net investment income</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.510</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.565</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.668</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.820</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(0.970</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net realized gain on
    investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.044</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.068</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.244</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Total dividends and distributions</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.510</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.565</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.712</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(0.888</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1.214</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net asset value, end of
      period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.070</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$11.960</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$13.360</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.560</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.650</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Market value, end of
    period</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$12.140</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$10.850</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$11.950</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$14.530</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$16.050</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total investment return based on:<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Market value</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">16.69%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(4.31%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(13.11%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">(4.12%</font></td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">14.75%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset value</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">13.97%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(5.65%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(3.05%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.27%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2.76%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Ratios and supplemental
      data:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Net assets applicable to common shares, end of period (000
      omitted)</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$31,650</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$28,967</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$32,365</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$35,256</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$35,492</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of expenses to average net assets
      applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">0.63%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.06%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.16%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.10%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1.07%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to average net assets</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common
      shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">4.48%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">5.63%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.54%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.58%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">6.70%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ratio of net investment income to
      average net assets</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.48%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.25%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.22%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.51%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5.01%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Portfolio turnover</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">69%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">36%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">17%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">28%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr>
            <td colspan="16" width="99%">&#160;</td>
            <td width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Leverage analysis:</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$20,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$20,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">$20,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Net asset coverage per share of
      preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$130,914</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$138,141</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$138,731</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Liquidation value per
      share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$&#8212;</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$50,000</font></td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr></table>
    </div><br>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> 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&#8217;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></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect
the effect of dividend payments to preferred shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total
net investment income less dividends paid to preferred shareholders divided by
average net assets applicable to common shareholders.</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund
redeemed all of its preferred shares at par plus accumulated dividends amounting
to $20,019,516. See Note 7 in &#8220;Notes to financial statements.&#8221;</font></div>
    <div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any
accumulated but unpaid dividends.</font></div>
    <div align="left"><font style="FONT-FAMILY: serif">&#160;</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">See accompanying
notes</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">26</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Notes to financial
statements</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">March 31,
2010</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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&#8217; shares trade on the NYSE Amex
Equities, the successor to the American Stock Exchange.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The investment objective
of each Fund is to provide high current income exempt from federal income tax
and from state personal income tax, 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></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">1. Significant Accounting
Policies</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The following accounting
policies are in accordance with U.S. generally accepted accounting principles
(U.S. GAAP) and are consistently followed by the Funds. </font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Security Valuation &#8212; </font></font><font size="1" style="FONT-FAMILY: serif">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 are valued at 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&#8217;s Board of
Directors/Trustees (each a Board, and collectively, the Boards). 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.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Federal Income Taxes &#8212; </font></font><font size="1" style="FONT-FAMILY: serif">No provision for federal income taxes has been
made as each Fund intends to continue to qualify for federal income tax purposes
as a regulated investment company under Subchapter M of the Internal Revenue
Code of 1986, as amended, and make the requisite distributions to shareholders.
The Funds evaluate tax positions taken or expected to be taken in the course of
preparing the Funds&#8217; tax returns to determine whether the tax positions are
&#8220;more-likely-than-not&#8221; 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. Management has analyzed the Funds&#8217;
tax positions taken on federal income tax returns for all open tax years (March
31, 2007 &#8211; March 31, 2010), and has concluded that no provision for federal
income tax is required in the Funds&#8217; financial statements.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Use of Estimates &#8212; </font></font><font size="1" style="FONT-FAMILY: serif">The preparation of financial statements in
conformity with U.S. GAAP 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></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Interest and Related Expenses &#8212;
</font></font><font size="1" style="FONT-FAMILY: serif">Interest and related
expenses include, but are not limited to, interest expense, remarketing fees,
liquidity fees, and trustees&#8217; fees of inverse floater programs in which a Fund
participates. In an inverse floater program, a Fund transfers 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
Funds receive the inverse floating rate securities and cash from the trust. As a
result of certain rights retained by the Funds, 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&#8217; expenses are recorded on the accrual basis.
There were no interest and related expenses for the year ended March 31,
2010.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Other &#8212; </font></font><font size="1" style="FONT-FAMILY: serif">Expenses directly attributable to a Fund are
charged directly to that Fund. Other expenses common to various funds within the
Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font><font size="1" style="FONT-FAMILY: serif"> 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></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Funds may receive
earnings credits from their custodian when positive cash balances are
maintained, which are used to offset custody fees. There were no earnings
credits for the year ended March 31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">On July 1, 2009, the
Financial Accounting Standard Board (FASB) issued the FASB Accounting Standards
Codification (Codification). The Codification became the single source of
authoritative nongovernmental U.S. GAAP, superseding existing literature of the
FASB, American Institute of Certified Public Accountants, Emerging Issues Task
Force and other sources. The Codification is effective for interim and annual
periods ending after September 15, 2009. The Funds adopted the Codification for
the year ended March 31, 2010. There was no impact to financial statements as
the Codification requirements are disclosure-only in nature.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">2. Investment Management, Administration
Agreements and Other Transactions with Affiliates</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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.</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">(continues)&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">27</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif"><font color="#b2b2b2">Notes to financial statements</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"><font color="#b2b2b2">Delaware Investments
Closed-End Municipal Bond Funds</font></font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">2. Investment Management, Administration
Agreements and Other Transactions with Affiliates
(continued)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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
Family of Funds at the following annual rate: 0.0050% of the first $30 billion;
0.0045% of the next $10 billion; 0.0040% 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 Family of Funds on a relative net asset value basis.
For the year ended March 31, 2010, the Funds were charged as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">&#160;</td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="73%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,014</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,325</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;
    $</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">7,938</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,544</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At March 31, 2010, each
Fund had liabilities payable to affiliates as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Investment management fee payable to
      DMC</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">14,020</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">23,047</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">55,232</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">10,784</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: serif">Accounting administration and other expenses</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; payable to DSC</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1">179</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1">288</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1">707</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1">138</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Other expenses payable to DMC and
      affiliates*</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">418</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">30,385</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,644</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">321</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div style="PADDING-LEFT: 5pt; TEXT-INDENT: -5pt" align="left"><font size="1" style="FONT-FAMILY: serif">*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&#8217; fees.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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&#8217; employees. For the year ended March 31, 2010, each
Fund was charged for internal legal and tax services provided by DMC and/or its
affiliates&#8217; employees as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="2%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="2%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="right" nowrap width="72%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">3,121</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;
    $</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,156</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12,309</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,393</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Directors&#8217;/Trustees&#8217;
fees include expenses accrued by the Funds for each Director&#8217;s/Trustee&#8217;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></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">3. Investments</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">For the year ended March
31, 2010, the Fund made purchases and sales of investment securities other than
short-term investments as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">&#160;</td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%">
            </td>
            <td align="left" nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Purchases</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,832,332</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">13,637,475</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">31,062,260</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">21,131,602</font></td>
            <td nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: serif">Sales</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">7,876,326</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">12,898,561</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">29,846,597</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">20,828,960</font></td>
            <td nowrap width="2%">&#160;</td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At March 31, 2010, the
cost of investments and unrealized appreciation (depreciation) for federal
income tax purposes for each Fund were as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="64%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%">
            </td>
            <td align="left" nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund
    II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Cost of investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">40,303,944</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">66,169,368</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">154,385,698</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">30,976,220</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%"><font size="1" style="FONT-FAMILY: serif">Aggregate unrealized appreciation</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1,088,737</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">2,401,823</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">7,375,049</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">1,269,279</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Aggregate unrealized
    depreciation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,010,857</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,172,928</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(1,688,217</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(315,416</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="64%"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">77,880</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,228,895</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,686,832</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">953,863</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">28</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">U.S. GAAP defines fair
value as the price that the Funds would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market participants at
the measurement date under current market conditions. A three level hierarchy
for fair value measurements has been established 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&#8217;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. Each Fund&#8217;s
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></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Level 1 &#8211; inputs are
quoted prices in active markets </font></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Level 2 &#8211; inputs are
observable, directly or indirectly</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Level 3 &#8211; inputs are
unobservable and reflect assumptions on the part of the reporting
entity</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The following table
summarizes the valuation of each Fund&#8217;s investments by the fair value hierarchy
levels as of March 31, 2010:</font></div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="BORDER-BOTTOM: 1pt solid; FONT-FAMILY: serif">Arizona
      Municipal Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="FONT-FAMILY: serif">Level 2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">40,381,824</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="3%">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">40,381,824</font></td>
            <td nowrap width="3%">&#160;</td>
          </tr><tr>
            <td colspan="4" width="97%">&#160;</td>
            <td width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="BORDER-BOTTOM: 1pt solid; FONT-FAMILY: serif">Colorado
      Municipal Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="FONT-FAMILY: serif">Level 2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">67,298,263</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Short-Term</font></td>
            <td align="right" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">100,000</font></td>
            <td nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">67,398,263</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="4" width="97%">&#160;</td>
            <td width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" width="10%"><font size="1" style="BORDER-BOTTOM: 1pt solid; FONT-FAMILY: serif">Minnesota
      Municipal Fund II</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="FONT-FAMILY: serif">Level 2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">160,072,530</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="3%">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">160,072,530</font></td>
            <td nowrap width="3%">&#160;</td>
          </tr><tr>
            <td colspan="4" width="97%">&#160;</td>
            <td width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="BORDER-BOTTOM: 1pt solid; FONT-FAMILY: serif">National
      Municipal Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td colspan="4" nowrap width="10%"><font size="1" style="FONT-FAMILY: serif">Level 2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">31,630,083</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: serif">Short-Term</font></td>
            <td align="right" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td nowrap width="3%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">31,930,083</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">There were no Level 3
securities at the beginning or end of the period.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In January 2010, the
FASB issued an Accounting Standards Update, Improving Disclosures about Fair
Value Measurements, which introduces new disclosure requirements and clarifies
certain existing disclosure requirements around fair value measurements
currently presented above. The new disclosures and clarifications of existing
disclosures are generally effective for each Fund&#8217;s year ending March 31, 2010
and interim periods therein. Management is evaluating the impact of this update
on its current disclosures.</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-STYLE: italic">(continues)</font></font></font><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">29</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Notes to
financial statements</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End
Municipal Bond Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">4. Dividend and Distribution
Information</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Income and long-term
capital gain distributions are determined in accordance with federal income tax
regulations, which may differ from U.S. GAAP. 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 years ended March 31, 2010 and March 31, 2009 was
as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="66%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%">
            </td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td colspan="4" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Year Ended 3/31/10</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%"><font size="1" style="FONT-FAMILY: serif">Ordinary income</font></td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td align="left" nowrap width="2%"><font size="1">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td align="left" nowrap width="2%"><font size="1">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td align="left" nowrap width="2%"><font size="1">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">18,011</font></td>
            <td align="right" nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Tax-exempt income</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,438,912</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,757,147</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6,557,836</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,217,311</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%"><font size="1" style="FONT-FAMILY: serif">Long-term capital gain</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">74,555</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,513,467</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,757,147</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">6,557,836</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,235,322</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td colspan="19" width="98%">&#160;&#160;</td>
            <td width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Year Ended 3/31/09</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%"><font size="1" style="FONT-FAMILY: serif">Ordinary income</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">129,029</font></td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">319,989</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">637,277</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">92,304</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Tax-exempt income</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,090,880</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,691,139</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">8,705,599</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,692,283</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="66%"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,219,909</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,011,128</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">9,342,876</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,784,587</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">5. Components of Net Assets on a Tax
Basis</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">As of March 31, 2010,
the components of net assets on a tax basis were as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="65%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%">
            </td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares of beneficial interest</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">40,651,205</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">66,918,121</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">157,931,075</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">33,208,317</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%"><font size="1" style="FONT-FAMILY: serif">Undistributed ordinary income</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">580</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Undistributed long-term capital
      gain</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">97,331</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%"><font size="1" style="FONT-FAMILY: serif">Undistributed tax-exempt income</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">268,364</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">176,704</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">362,513</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">145,793</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Capital loss carryforwards</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(672,918</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(2,257,889</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(2,649,375</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%"><font size="1" style="FONT-FAMILY: serif">Post-October losses</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(8,470</font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Unrealized appreciation of
      investments</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">77,880</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,228,895</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">5,686,832</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">953,863</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="65%"><font size="1" style="FONT-FAMILY: serif">Net assets</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">41,095,360</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">67,650,802</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">161,722,531</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">31,650,128</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The differences between
book basis and tax basis components of net assets are primarily attributable to
tax treatment of market discount on debt instruments.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Post-October losses
represent losses realized on investment transactions from November 1, 2009
through March 31, 2010 that in accordance with federal income tax regulations,
the Funds have elected to defer and treat as having arisen in the following
year.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">For financial reporting
purposes, capital accounts are adjusted to reflect the tax character of
permanent book/tax differences. Reclassifications are primarily due to tax
treatment of dividends and distributions, capital loss carryforward expiration
and tax treatment of market discount on debt instruments. Results of operations
and net assets were not affected by these reclassifications. For the year ended
March 31, 2010, the Funds recorded the following reclassifications:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Arizona</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%">
            </td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Paid-in capital</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">(8,416</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#8212;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: serif">Undistributed net investment income</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(11,209</font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(1,809</font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(3,902</font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">(2,376</font></td>
            <td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Accumulated net realized gain
      (loss)</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">11,209</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,809</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12,318</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,376</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">For federal income tax
purposes, capital loss carryforwards may be carried forward and applied against
future capital gains. $221,375 and $980,028 was utilized in 2010 for Arizona
Municipal Fund and Colorado Municipal Fund, respectively and $8,416 expired in
2010 for Minnesota Municipal Fund. Capital loss carryforwards remaining at March
31, 2010 will expire as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Colorado</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Minnesota</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">National</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="4" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Municipal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Year of
      Expiration</font></td>
            <td align="left" nowrap width="71%">&#160;</td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund II</font></td>
            <td nowrap width="1%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2013</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,826</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">2016</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">18,596</font></td>
            <td align="right" nowrap width="2%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2017</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">672,918</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,983,869</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,770,984</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%"><font size="1" style="FONT-FAMILY: serif">2018</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">264,194</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">859,795</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">672,918</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,257,889</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,649,375</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">30</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">6. Capital Stock</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Pursuant to their
articles of incorporation, Arizona Municipal Fund, Colorado Municipal Fund and
Minnesota Municipal Fund II each have 200 million shares of $0.01 par value
common shares authorized. National Municipal Fund has been authorized to issue
an unlimited amount of $0.01 par value common shares. The Funds did not
repurchase any shares under the Share Repurchase Program during the year ended
March 31, 2010. Shares issuable under the Funds&#8217; dividend reinvestment plan are
purchased by the Funds&#8217; transfer agent, BNY Mellon Shareowner Services, in the
open market.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">For the year ended March
31, 2010, the Funds did not have any transactions in common shares.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">7. Redemption of Preferred
Shares</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">On October 7, 2008, the
Funds&#8217; Board approved a plan to redeem all outstanding preferred shares issued
by the Funds. The plan was intended to better position each Fund to pursue its
investment objectives in light of the unprecedented market volatility, which has
resulted in higher short-term interest rates. Management recommended the
redemption of the Funds&#8217; preferred shares based on its expectation that at that
time 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 market conditions at that time, could cause the Funds to
realize an overall lower rate of return than if the Funds were not leveraged.
Each Fund&#8217;s Board may consider adding some form of leverage to the Funds in the
future if warranted by economic conditions at that time.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Prior to the redemption
of the preferred shares, each Fund had a liquidation preference of $50,000 per
share plus an amount equal to accumulated but unpaid dividends. The effective
dates and redemption values are as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="86%">
            </td>
            <td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Shares
Redeemed</font></td>
            <td nowrap width="2%"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
            <td colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Arizona Municipal Fund</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/24/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">12,512,197.50</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">250</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">12,512,197.50</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">500</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">25,024,395.00</font></font></td>
          </tr><tr>
            <td colspan="7" width="99%">&#160;</td>
          </tr><tr>
            <td colspan="7" width="99%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Colorado Municipal Fund</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/22/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">270</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">13,516,758.90</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">270</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">13,516,758.90</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">27,033,517.80</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/29/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Colorado A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">95</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,753,593.85</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Colorado B</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">95</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,753,593.85</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">9,507,187.70</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 11/5/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">35</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,751,036.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">35</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
            </td>
            <td nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: serif">1,751,036.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,502,072.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total</font></font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">800</font></font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">40,042,777.50</font></font></td>
          </tr><tr>
            <td align="left" nowrap width="86%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%">
            </td>
          </tr><tr>
            <td align="left" nowrap width="86%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal Fund
    II</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/22/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">355</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">17,772,038.40</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/24/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">355</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">17,767,320.45</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series C</font></td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">227</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">11,361,075.33</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series D</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">177</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">8,858,635.83</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">37,987,031.61</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Effective 10/29/08 and
10/31/08</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">115</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">5,753,645.50</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">115</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,754,350.45</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series C</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">80</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">4,002,536.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series D</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">60</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,001,902.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">18,512,433.95</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Effective 11/5/08 and 11/7/08</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">130</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">6,503,848.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">130</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">6,503,738.80</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series C</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">93</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: serif">4,652,674.68</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series D</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">63</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,151,811.88</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">20,812,073.36</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">1,900</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">95,083,577.32</font></font></td>
          </tr><tr>
            <td colspan="7" width="99%">&#160;</td>
          </tr><tr>
            <td colspan="7" width="99%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">National Municipal Fund</font></font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Effective 10/24/08</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Series A</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">200</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">10,009,758.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: serif">Series B</font></td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">200</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">10,009,758.00</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">400</font></font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">20,019,516.00</font></font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In connection with these
transactions, each Fund liquidated a corresponding amount of its investments to
fund the redemptions.</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#b2b2b2">(continues)</font></font></font><font size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font size="2" style="FONT-FAMILY: serif">31</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif"><font color="#b2b2b2">Notes to financial statements</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"><font color="#b2b2b2">Delaware Investments
Closed-End Municipal Bond Funds</font></font></font></div>
    <div>&#160;</div>
    <div align="left">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">8. Derivatives</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">U.S. GAAP requires
enhanced disclosures that enable investors to understand: 1) how and why an
entity uses derivatives, 2) how they are accounted for, and 3) how they affect
an entity&#8217;s results of operations and financial position.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Inverse Floaters</font></font> <font size="1" style="FONT-FAMILY: serif">&#8212; Each Fund 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 their portfolio. Duration measures a portfolio&#8217;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&#8217;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&#8217; exposure to a specific segment of the yield curve. At March
31, 2010, and during the year then ended, the Funds held no investments in
inverse floaters.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">9. Credit and Market Risk</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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 March 31, 2010, the percentages of each
Fund&#8217;s net assets insured by bond insurers are listed below:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="30%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona Municipal Fund</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">35</font><font size="1">%</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="96%"><font size="1" style="FONT-FAMILY: serif">Colorado Municipal Fund</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">43%</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="96%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal Fund II</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">25%</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="96%"><font size="1" style="FONT-FAMILY: serif">National Municipal Fund</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">41%</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">These securities have
been identified in the statements of net assets.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Funds invest a
portion of their assets in high yield fixed income securities, which carry
ratings of BB or lower by Standard &amp; Poor&#8217;s Ratings Group (S&amp;P) and/or
Ba or lower by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s). Investments in these
higher yielding securities are generally accompanied by a greater degree of
credit risk than higher rated securities. Additionally, lower rated securities
may be more susceptible to adverse economic and competitive industry conditions
than investment grade securities.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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 &#8220;current refunding&#8221;.
&#8220;Advance refunded bonds&#8221; 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, generally, to its first call date. Bonds are &#8220;escrowed to maturity&#8221; 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></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Bonds are considered
&#8220;pre-refunded&#8221; when the refunding issue&#8217;s proceeds are escrowed through 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 &#8220;defeased&#8221;
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 and 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&#8217;s, S&amp;P, and/or Fitch Ratings due to the strong credit quality of the
escrow securities and the irrevocable nature of the escrow deposit agreement.
</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">&#160;</font></div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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&#8217;s Board has delegated to DMC the day-to-day functions of
determining whether individual securities are liquid for purposes of each Fund&#8217;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&#8217; 15% limit on investments in illiquid securities. As of March 31, 2010,
there were no Rule 144A securities and no securities have been determined to be
illiquid under the Funds&#8217; Liquidity Procedures.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">32</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">10. Contractual
Obligations</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Funds enter into
contracts in the normal course of business that contain a variety of
indemnifications. The Funds&#8217; 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&#8217; existing contracts and
expects the risk of loss to be remote.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">11. Delaware Investments National Municipal
Income Fund &#8211; Investments in Municipal Securities Issued by the State of
Florida</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">On September 13, 2007,
shareholders of Delaware Investments National Municipal Income Fund (formerly
Delaware Investments Florida Insured Municipal Income Fund) approved (1) the
elimination of the Fund&#8217;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&#8217;s portfolio managers began to transition the Fund&#8217;s
portfolio to include un-insured municipal bonds issued by other states and
territories on October 15, 2007. As of March 31, 2010, municipal bonds issued by
the State of Florida constitute approximately 35% of the Fund&#8217;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></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">12. Sale of Delaware Investments to Macquarie
Group</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">On August 18, 2009,
Lincoln National Corporation (former parent company of Delaware Investments) and
Macquarie Group (Macquarie) entered into an agreement pursuant to which Delaware
Investments, including DMC and DSC, would be acquired by Macquarie, an
Australia-based global provider of banking, financial, advisory, investment and
funds management services (Transaction). The Transaction was completed on
January 4, 2010. DMC and DSC are now wholly owned subsidiaries of Macquarie.
</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Transaction resulted
in a change of control of DMC which, in turn, caused the termination of the
investment management agreement between DMC and the Funds. On January 4, 2010,
the new investment management agreement between DMC and the Funds that was
approved by the shareholders became effective.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">13. Subsequent Event </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Management has
determined no material events or transactions occurred subsequent to March 31,
2010 that would require recognition or disclosure in the Funds&#8217; financial
statements.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">14. Tax Information
(Unaudited)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The information set
forth below is for each Fund&#8217;s fiscal year as required by federal income tax
laws. Shareholders, however, must report distributions on a calendar year basis
for income tax purposes, which may include distributions for portions of two
fiscal years of a fund. Accordingly, the information needed by shareholders for
income tax purposes will be sent to them in January of each year. Please consult
your tax advisor for proper treatment of this information.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">For the fiscal year
ended March 31, 2010, each Fund designates distributions paid during the year as
follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" nowrap width="68%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">(A)</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">(B)</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">(C)</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="7%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Long-Term</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Ordinary</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Tax-Exempt</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="7%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Capital Gain</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Income</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Distributions</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Distributions</font></td>
            <td nowrap width="1%">
            </td>
            <td colspan="3" nowrap width="8%"><font size="1" style="FONT-FAMILY: serif">Distributions</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">Distributions</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%">
            </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(Tax Basis)</font></td>
            <td nowrap width="1%">&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(Tax Basis)</font></td>
            <td nowrap width="1%">&#160;&#160;&#160;&#160; </td>
            <td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(Tax Basis)</font></td>
            <td nowrap width="1%">&#160;&#160;&#160;&#160; </td>
            <td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(Tax Basis)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona Municipal Fund</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4.93%</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">95.07</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="7%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">100.00%</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%"><font size="1" style="FONT-FAMILY: serif">Colorado Municipal Fund</font></td>
            <td align="right" nowrap width="3%">
            </td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">100.00</font></td>
            <td align="left" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">100.00%</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Minnesota Municipal Fund II</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
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            <td align="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap width="68%"><font size="1" style="FONT-FAMILY: serif">National Municipal Fund</font></td>
            <td align="right" nowrap width="3%">
            </td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">&#8212;</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">1.46%</font></td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">98.54</font></td>
            <td align="left" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">%</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td nowrap width="7%"><font size="1" style="FONT-FAMILY: serif">100.00%</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">(A), (B), and (C) are
based on a percentage of each Fund&#8217;s total distributions.</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif">33</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Report of
independent<br>registered public accounting firm</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">The Shareholders and
Board of Directors/Trustees of<br>Delaware Investments Arizona Municipal Income
Fund, Inc.<br></font><font size="2" style="FONT-FAMILY: serif">Delaware
Investments Colorado Municipal Income Fund, Inc.<br></font><font size="2" style="FONT-FAMILY: serif">Delaware Investments Minnesota Municipal
Income Fund II, Inc.<br></font><font size="2" style="FONT-FAMILY: serif">Delaware
Investments National Municipal Income Fund</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">We have audited the
accompanying statements of net assets and statements of assets and liabilities
of Delaware Investments Arizona Municipal Income Fund, Inc., Delaware
Investments Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota
Municipal Income Fund II, Inc., and Delaware Investments National Municipal
Income Fund (the &#8220;Funds&#8221;) as of March 31, 2010, and the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Funds&#8217; management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. We were not engaged to
perform an audit of the Fund&#8217;s internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a
basis for </font><font size="2" style="FONT-FAMILY: serif">designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds&#8217; internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. Our procedures included
confirmation of securities owned as of March 31, 2010 by correspondence with the
custodian and brokers or by other appropriate auditing procedures when replies
from brokers were not received. We believe that our audits provide a reasonable
basis for our opinion.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">In our opinion, the
financial statements and financial highlights referred to above present fairly,
in all material respects, the financial position of each of the respective Funds
at March 31, 2010, the results of their operations for the year then ended, the
changes in their net assets for each of the two years in the period then ended,
and their financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting
principles.</font></div>
    <div>&#160;</div>
    <div align="right"><img src="gelinvestmunibond_ncsr4x8x1.jpg" alt=""> </div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Philadelphia,
Pennsylvania<br>May 19, 2010</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">34</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Other Fund
information<br></font><font size="5" style="FONT-FAMILY: serif">(Unaudited)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End Municipal Bond
Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Fund management</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Joseph R.
Baxter<br></font><font size="2" style="FONT-FAMILY: serif">Senior Vice President,
Head of Municipal Bond<br>Department, Senior Portfolio Manager</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Joseph R. Baxter is the
head of the municipal bond department and is responsible for setting the
department&#8217;s investment strategy. He is also a co-portfolio manager of the
firm&#8217;s municipal bond funds and several client accounts. Before joining Delaware
Investments in 1999 as head municipal bond trader, he held investment positions
with First Union, most recently as a municipal portfolio manager with the
Evergreen Funds. Baxter received a bachelor&#8217;s degree in finance and marketing
from La Salle University.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Stephen J.
Czepiel<br></font><font size="2" style="FONT-FAMILY: serif">Senior Vice President,
Senior Portfolio Manager</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Stephen J. Czepiel is a
member of the firm&#8217;s municipal fixed income portfolio management team with
primary responsibility for portfolio construction and strategic asset
allocation. He is a co-portfolio manager of the firm&#8217;s municipal bond funds and
client accounts. He joined Delaware Investments in July 2004 as a senior bond
trader. Previously, he was vice president at both Mesirow Financial and Loop
Capital Markets. He began his career in the securities industry in 1982 as a
municipal bond trader at Kidder Peabody and now has more than 20 years of
experience in the municipal securities industry. Czepiel earned his bachelor&#8217;s
degree in finance and economics from Duquesne University.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Denise A. Franchetti,
CFA<br></font><font size="2" style="FONT-FAMILY: serif">Vice President, Portfolio
Manager, Senior Research Analyst</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Denise A. Franchetti is
a senior research analyst for the municipal bond department. Currently, she is
responsible for following the airports/airlines, education, hotels, leases,
turnpike/ toll, and transportation sectors for the group. In 2003, she was also
named as portfolio manager on several of the tax-exempt funds in addition to her
research duties. Prior to joining Delaware Investments in 1997 as a municipal
bond analyst, she was a fixed income trader at Provident Mutual Life Insurance
and an investment analyst at General Accident Insurance. Franchetti received her
bachelor&#8217;s degree and an MBA from La Salle University, and she is a member of
the CFA Society of Philadelphia.</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-STYLE: italic">(continues)</font></font><font color="#000000">&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: serif">35</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif"><font color="#c0c0c0">Other Fund information</font> <br></font><font size="5" style="FONT-FAMILY: serif"><font color="#c0c0c0">(Unaudited)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"><font color="#c0c0c0">Delaware Investments
Closed-End Municipal Bond Funds</font></font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Proxy Results</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At the Annual Meeting on
August 19, 2009, the Funds&#8217; Shareholders elected nine directors/trustees. The
results of the voting at the meeting were as follows:</font></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: center; ">
<tr valign="bottom">
            <td align="left" colspan="4" nowrap width="100%"><font size="1" style="FONT-FAMILY: serif">Delaware Investments Arizona Municipal
      Income Fund, Inc.</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Common
      Shareholders</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%">
            </td>
            <td nowrap width="1%">&#160;&#160;&#160;&#160; </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">Shares
      Voted</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Withheld Authority</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,624,380</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">81,357</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Thomas L. Bennett</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,624,672</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">81,060</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">John A. Fry</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,625,070</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">80,667</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Anthony D. Knerr</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,612,423</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">93,314</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lucinda S. Landreth</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,626,870</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">78,867</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Ann R. Leven</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,620,723</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">85,014</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Thomas F. Madison*</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,616,080</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">89,657</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Janet L. Yeomans*</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,624,413</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">81,324</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">J. Richard Zecher</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,622,220</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">83,517</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="100%"><font size="1" style="FONT-FAMILY: serif">Delaware Investments Colorado Municipal
      Income Fund, Inc.</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Common
      Shareholders</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%">
            </td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">Shares
      Voted</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td nowrap width="1%">&#160;</td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Withheld Authority</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,403,406</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">142,397</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Thomas L. Bennett</font></td>
            <td nowrap width="3%"><font size="1">4,405,656</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1">140,147</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">John A. Fry</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">4,402,057</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">143,746</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Anthony D. Knerr</font></td>
            <td nowrap width="3%"><font size="1">4,375,714</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1">170,089</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lucinda S. Landreth</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">4,404,207</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">141,596</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Ann R. Leven</font></td>
            <td nowrap width="3%"><font size="1">4,404,207</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1">141,596</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Thomas F. Madison*</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">4,396,521</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">149,281</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Janet L. Yeomans*</font></td>
            <td nowrap width="3%"><font size="1">4,402,757</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1">143,046</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">J. Richard Zecher</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">4,371,484</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">174,319</font></td>
          </tr><tr>
            <td align="left" nowrap width="93%">
            </td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="3%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="100%"><font size="1">Delaware
      Investments Minnesota Municipal Income Fund II, Inc.</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Common
      Shareholders</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%">
            </td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">Shares
      Voted</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Withheld Authority</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,692,516</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">367,481</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Thomas L. Bennett</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,687,946</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">372,051</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">John A. Fry</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,689,485</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">370,512</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Anthony D. Knerr</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,625,459</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">434,538</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lucinda S. Landreth</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,694,211</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">365,785</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Ann R. Leven</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,644,796</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">415,200</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Thomas F. Madison*</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">9,576,711</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">483,286</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Janet L. Yeomans*</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">9,690,980</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">369,016</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">J. Richard Zecher</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1">9,638,531</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">421,465</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap width="100%"><font size="1" style="FONT-FAMILY: serif">Delaware Investments National Municipal
      Income Fund</font></td>
          </tr><tr>
            <td align="left" colspan="4" nowrap width="100%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Common
      Shareholders</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%">
            </td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">Shares
      Voted</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">Withheld Authority</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,152,651</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">136,683</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Thomas L. Bennett</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,151,851</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">137,483</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">John A. Fry</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,152,851</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">136,483</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Anthony D. Knerr</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,152,851</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">136,483</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lucinda S. Landreth</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,152,793</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">136,541</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Ann R. Leven</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,162,831</font></td>
            <td nowrap width="1%">&#160;</td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">126,503</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Thomas F. Madison*</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,153,609</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">135,725</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Janet L. Yeomans*</font></td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,153,751</font></td>
            <td nowrap width="1%">
            </td>
            <td nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">135,583</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">J. Richard Zecher</font></td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,153,043</font></td>
            <td nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">136,291</font></td>
          </tr></table>
    </div>
    <div align="left">&#160;</div>
    <div style="PADDING-LEFT: 5pt; TEXT-INDENT: -5pt" align="left"><font size="1" style="FONT-FAMILY: serif">*Mr. Madison and Ms. Yeomans were previously
elected by the preferred shares of each Fund. Since each Fund redeemed its
preferred shares in 2008, the right to elect two directors/trustees reverted to
the common shareholders of each Fund.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">36</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At Joint Special
Meetings of Shareholders of each Fund held on November 12, 2009 and reconvened
on March 16, 2010, the shareholders of each Fund voted to approve a new
investment advisory agreement between each Fund and Delaware Management Company.
</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">A quorum of the shares
outstanding was present, and the votes passed with a majority of those shares.
The results were as follows:</font></div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="48%" style="FONT-SIZE: 10pt; FLOAT: left; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>Arizona
      Municipal Income Fund, Inc.</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="97%">&#160;</td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,354,251</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="1" style="FONT-FAMILY: serif">Shares Voted Withheld</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">58,543</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted Against</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">92,001</font></td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>Colorado
      Municipal Income Fund, Inc.</font></td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="1" style="FONT-FAMILY: serif">&#160;</font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">2,214,567</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="1" style="FONT-FAMILY: serif">Shares Voted Withheld</font></td>
            <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: serif">128,422</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted Against</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">108,247</font>
</td>
          </tr></table>
    </div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="48%" style="FONT-SIZE: 10pt; FLOAT: right; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>Minnesota
      Municipal Income Fund II, Inc.</font></td>
            <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="94%">&#160;</td>
            <td align="left" nowrap width="5%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">5,437,669</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Shares Voted Withheld</font></td>
            <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: serif">307,219</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted Against</font></td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">360,108</font></td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Delaware Investments<br>National
      Municipal Income Fund</font></td>
            <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="94%">&#160;</td>
            <td align="left" nowrap width="5%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted for</font></td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,140,098</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: serif">Shares Voted Withheld</font></td>
            <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: serif">40,900</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Shares Voted Against</font></td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">59,416</font>
</td>
          </tr></table>
    </div><br clear="all"><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In a press release on
August 19, 2009, Lincoln National Corporation announced that one of its
subsidiaries signed a stock purchase agreement to sell ownership of Delaware
Management Holdings, Inc. and its subsidiaries (also known by the marketing name
of Delaware Investments), including Delaware Management Company, a series of
Delaware Management Business Trust (the &#8220;Manager&#8221;), to Macquarie Group (the
&#8220;Transaction&#8221;). On January 4, 2010, the Transaction was completed and the new
investment advisory agreements between each Fund and the Manager that were
approved by the shareholders became effective. Delaware Management Holdings,
Inc. is a subsidiary, and subject to the ultimate control, of Macquarie Group.
Macquarie Group, with headquarters in Sydney, Australia, is a global provider of
banking, financial, advisory, investment and fund management
services.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Dividend Reinvestment Plan</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Each Fund offers an
automatic dividend reinvestment program (&#8220;Plan&#8221;). Under the current policies of
Arizona Municipal Income Fund, Minnesota Municipal Income Fund II, and National
Municipal Income Fund all distributions of net investment income and capital
gains to common shareholders are automatically reinvested in additional shares
unless shareholders elect to receive all dividends and other distributions in
cash paid by check mailed directly to shareholders by the dividend plan agent.
Under the current policies of Colorado Municipal Income Fund, distributions of
net investment income and capital gains to common shareholders will be paid in
cash unless shareholders notify BNY Mellon Investor Services, Inc. (&#8220;BNY
Mellon&#8221;) of their desire to participate in the dividend reinvestment program.
Shareholders who hold their shares through a bank, broker or other nominee
should request the bank, broker or nominee to participate in the Plan on their
behalf. This can be done as long as the bank, broker or nominee provides a
dividend reinvestment service for the Funds. If the bank, broker or nominee does
not provide this service, such shareholders must have their shares taken out of
&#8220;street&#8221; or nominee name and re-registered in their own name in order to
participate in the Plan.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">BNY Mellon will apply
all cash dividends, capital gains and other distributions (collectively,
&#8220;Distributions&#8221;) on each Fund&#8217;s shares of common stock which become payable to
each Plan participant to the purchase of outstanding shares of each Fund&#8217;s
common stock for such participant. These purchases may be made on a securities
exchange or in the over-the-counter market, and may be subject to such terms of
price, delivery and related matters to which BNY Mellon may agree. The Funds
will not issue new shares in connection with the Plan.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Distributions reinvested
for participants are subject to income taxes just as if they had been paid
directly to the shareholder in cash. Participants will receive a year-end
statement showing distributions reinvested, and any brokerage commissions paid
on such participant&#8217;s behalf.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Shareholders holding
shares of a Fund in their own names who wish to terminate their participation in
the Plan may do so by sending written instruction to BNY Mellon so that BNY
Mellon receives such instructions at least 10 days prior to the Distribution
record date. Shareholders with shares held in account by a bank, broker or other
nominee should contact such bank, broker or other nominee to determine the
procedure for withdrawal from the Plan.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">If written instructions
are not received by BNY Mellon at least 10 days prior to the record date for a
particular Distribution, that Distribution may be reinvested at the sole
discretion of BNY Mellon. After a shareholder&#8217;s instructions to terminate
participation in the Plan become effective, Distributions will be paid to
shareholders in cash. Upon termination, a shareholder may elect to receive
either stock or cash for all the full shares in the account. If cash is elected,
BNY Mellon will sell such shares at the then current market value and then send
the net proceeds to the shareholder, after deducting brokerage commissions and
related expenses. Any fractional shares at the time of termination will be paid
in cash at the current market price, less brokerage commissions and related
expenses, if any. Shareholders may at any time request a full or partial
withdrawal of shares from the Plan, without terminating participation in the
Plan. When shares outside of the Plan are liquidated, Distributions on shares
held under the Plan will continue to be reinvested unless BNY Mellon is notified
of the shareholder&#8217;s withdrawal from the Plan.</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">37</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Other Fund
information<br></font><font color="#b2b2b2" size="5" style="FONT-FAMILY: serif">(Unaudited)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End
Municipal Bond Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Dividend Reinvestment Plan
(continued)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">An investor holding
shares that participate in the Plan in a brokerage account may not be able to
transfer the shares to another broker and continue to participate in the Plan.
Please contact your broker/dealer for additional details.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">BNY Mellon will charge
participants their proportional share of brokerage commissions on market
purchases. Participants may obtain a certificate or certificates for all or part
of the full shares credited to their accounts at any time by making a request in
writing to BNY Mellon. A fee may be charged to the participant for each
certificate issuance. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">If you have any
questions and shares are registered in &#8220;street&#8221; name, contact the broker/dealer
holding the shares or your financial advisor. If you have any questions and
shares are registered in your name, contact BNY Mellon at 800
851-9677.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Board Consideration of New Investment Advisory
Agreement</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At a meeting held on
September 3, 2009 (the &#8220;Meeting&#8221;), the Board of Directors of the Delaware
Investments Family of Funds (the &#8220;Board&#8221;), including the independent Directors,
unanimously approved a new investment advisory agreement between each registrant
on behalf of each series (each, a &#8220;Fund&#8221; and together, the &#8220;Funds&#8221;) and Delaware
Management Company (&#8220;DMC&#8221;) in connection with the sale of Delaware Investments&#8217;
advisory business to Macquarie Bank Limited (the &#8220;Macquarie Group&#8221;) (the
&#8220;Transaction&#8221;). In making its decision, the Board considered information
furnished specifically in connection with the approval of the new investment
advisory agreements with DMC (the &#8220;New Investment Advisory Agreements&#8221;), which
included extensive materials about the Transaction and matters related to the
proposed approvals. To assist the Board in considering the New Investment
Advisory Agreements, Macquarie Group provided materials and information about
Macquarie Group, including detailed written responses to the questions posed by
the independent Directors. DMC also provided materials and information about the
Transaction, including detailed written responses to the questions posed by the
independent Directors. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At the Meeting, the
Directors discussed the Transaction with DMC management and with key Macquarie
Group representatives. The Meeting included discussions of the strategic
rationale for the Transaction and Macquarie Group&#8217;s general plans and intentions
regarding the Funds and DMC. The Board members also inquired about the plans
for, and anticipated roles and responsibilities of, key employees and officers
of Delaware Management Holdings Inc. and DMC in connection with the Transaction.
</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In connection with the
Directors&#8217; review of the New Investment Advisory Agreements for the Funds, DMC
and/or Macquarie Group emphasized that:</font></div>
    <div style="MARGIN-LEFT: -25px">
      <ul style="FONT-SIZE: 7pt">
        <li><font size="1" style="FONT-FAMILY: serif">They expected that there would be
  no adverse changes as a result of the Transaction, in the nature, quality, or
  extent of services currently provided</font> <font size="1" style="FONT-FAMILY: serif">to the Funds and their shareholders, including investment management,
  distribution, or other shareholder services.<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">No material changes in personnel
  or operations were contemplated in the operation of DMC under Macquarie Group
  as a result of the Transaction and no material changes were currently
  contemplated in connection with third party service providers to the
  Funds.<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">Macquarie Group had no intention
  to cause DMC to alter the voluntary expense waivers and reimbursements
  currently in effect for the Funds.<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">Under the agreement between
  Macquarie Group and Lincoln National Corporation (&#8220;LNC&#8221;) (the &#8220;Transaction
  Agreement&#8221;), Macquarie Group has agreed to conduct, and to cause its
  affiliates to conduct, their respective businesses in compliance with the
  conditions of Section 15(f) of the Investment Company Act of 1940 (the &#8220;1940
  Act&#8221;) with respect to the Funds, to the extent within its control, including
  maintaining Board composition of at least 75% of the Board members qualifying
  as independent Directors and not imposing any &#8220;unfair burden&#8221; on the Funds for
  at least two years from the closing of the Transaction (the &#8220;Closing&#8221;).</font>
  </li>
      </ul>
    </div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In addition to the
information provided by DMC and Macquarie Group as described above, the
Directors also considered all other factors they believed to be relevant to
evaluating the New Investment Advisory Agreements, including the specific
matters discussed below. In their deliberations, the Directors did not identify
any particular information that was controlling, and different Directors may
have attributed different weights to the various factors. However, for each
Fund, the Directors determined that the overall arrangements between the Fund
and DMC, as provided in the respective New Investment Advisory Agreement,
including the proposed advisory fee and the related administration arrangements
between the Fund and DMC, were fair and reasonable in light of the services to
be performed, expenses incurred, and such other matters as the Directors
considered relevant. Factors evaluated included:</font></div>
    <div style="MARGIN-LEFT: -25px">
      <ul style="FONT-SIZE: 7pt">
        <li><font size="1" style="FONT-FAMILY: serif">The potential for expanding
  distribution of Fund shares through access to Macquarie Group&#8217;s existing
  distribution channels;<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">Delaware Investments&#8217; acquisition
  of an exclusive wholesaling sales force from a subsidiary of
  LNC;<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">The reputation, financial
  strength, and resources of Macquarie Group as well as its historic and ongoing
  commitment to the asset management business in Australia as well as other
  parts of the world;</font> </li>
      </ul>
    </div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">38</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div style="MARGIN-LEFT: -25px">
      <ul style="FONT-SIZE: 7pt">
        <li><font size="1" style="FONT-FAMILY: serif">The terms and conditions of the
  New Investment Advisory Agreements, including that each Fund&#8217;s total
  contractual fee rate under the New Investment Advisory Agreement will remain
  the same;<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">The Board&#8217;s full annual review (or
  initial approval) of the current investment advisory agreements at their
  in-person meeting in May 2009 as required by the 1940 Act and its
  determination that (i) DMC had the capabilities, resources, and personnel
  necessary to provide the satisfactory advisory and administrative services
  currently provided to each Fund and (ii) the advisory and/or management fees
  paid by each Fund, taking into account any applicable fee waivers and
  breakpoints, represented reasonable compensation to DMC in light of the
  services provided, the costs to DMC of providing those services, economies of
  scale, and the fees and other expenses paid by similar funds and such other
  matters that the Board considered relevant in the exercise of its reasonable
  judgment;<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">The portfolio management teams for
  the Funds are not currently expected to change as a result of the
  Transaction;<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">LNC and Macquarie Group were
  expected to execute a reimbursement agreement pursuant to which LNC and
  Macquarie Group would agree to pay (or reimburse) all reasonable out-of-pocket
  costs and expenses of the Funds in connection with the Board&#8217;s consideration
  of the Transaction, the New Investment Advisory Agreements and related
  agreements, and all costs related to the proxy solicitation (the &#8220;Expense
  Agreement&#8221;);<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">The likelihood that Macquarie
  Group would invest additional amounts in Delaware Investments, including DMC,
  which could result in increased assets under management, which in turn would
  allow some Funds the potential opportunity to achieve economies of scale and
  lower fees payable by Fund shareholders; and<br>&#160;</font>
          </li>
        <li><font size="1" style="FONT-FAMILY: serif">The compliance and regulatory
  history of Macquarie Group and its affiliates.</font> </li>
      </ul>
    </div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">In making their decision
relating to the approval of each Fund&#8217;s New Investment Advisory Agreement, the
independent Directors gave attention to all information furnished. The following
discussion, however, identifies the primary factors taken into account by the
Directors and the conclusions reached in approving the New Investment Advisory
Agreements.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Nature, Extent, and Quality of
Service.</font></font><font size="1" style="FONT-FAMILY: serif"> The Directors
considered the services historically provided by DMC to the Funds and their
shareholders. In reviewing the nature, extent, and quality of services, the
Board considered that the New Investment Advisory Agreements would be
substantially similar to the current investment advisory agreements between the
Funds and DMC (the &#8220;Current Investment Advisory Agreements&#8221;), and they,
therefore, considered the many reports furnished to them throughout 2008 and
2009 at regular Board meetings covering matters such as the relative performance
of the Funds; 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
Family of Funds complex; and the adherence to fair value pricing procedures as
established by the Board. The Directors were pleased with the current staffing
of DMC and the emphasis placed on research and risk management in the investment
process. Favorable consideration was given to DMC&#8217;s efforts to maintain
expenditures and, in some instances, increase financial and human resources
committed to Fund matters. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Board was assured
that shareholders would continue to receive the benefits provided to Fund
shareholders by being part of the Delaware Investments Family of Funds. Based on
the information provided by DMC and Macquarie Group, including that Macquarie
Group and DMC currently expected no material changes as a result of the
Transaction in (i) personnel or operations of DMC or (ii) third party service
providers to the Funds, the Board concluded that the satisfactory nature,
extent, and quality of services currently provided to the Funds and their
shareholders were very likely to continue under the New Investment Advisory
Agreements. The Board also concluded that it was very unlikely that any &#8220;unfair
burden&#8221; would be imposed on any of the Funds for the first two years following
the Closing as a result of the Transaction. Consequently, the Board concluded
that it did not expect the Transaction to result in any adverse changes in the
nature, quality, or extent of services (including investment management,
distribution or other shareholder services) currently provided to the Funds and
their shareholders.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Investment Performance.</font></font><font size="1" style="FONT-FAMILY: serif"> The Board considered the overall investment
performance of DMC and the Funds. The Directors placed significant emphasis on
the investment performance of the Funds in view of its importance to
shareholders. Although the Directors gave appropriate consideration to
performance reports and discussions with portfolio managers at Board meetings
throughout the year, the Directors gave particular weight to their review of
investment performance in connection with the approval of the Current Investment
Advisory Agreements at the Board meeting held in May 2009. At that meeting, the
Directors reviewed reports prepared by Lipper, Inc., an independent statistical
compilation organization (&#8220;Lipper&#8221;) which showed each Fund&#8217;s investment
performance as of December 31, 2008 in comparison to a group of funds selected
by Lipper as being similar to the Fund (the &#8220;Performance Universe&#8221;). During the
May 2009 agreement review process, the Directors observed the significant
improvements to relative investment performance of the Funds as compared to the
Funds&#8217; performance as of December 31, 2007. </font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">39</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Other Fund
information<br></font><font color="#b2b2b2" size="5" style="FONT-FAMILY: serif">(Unaudited)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End
Municipal Bond Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Board Consideration of New Investment Advisory
Agreement (continued)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At their meeting on
September 3, 2009, the Directors, including the independent Directors in
consultation with their independent counsel, reviewed the investment performance
of each Fund. The Directors compared the performance of each Fund relative to
that of its respective Performance Universe for the 1-, 3-, 5-, and 10-year
periods ended June 30, 2009 and compared its relative investment performance
against the corresponding relative investment performance of each Fund for such
time periods ended December 31, 2008, to the extent applicable. As of June 30,
2009, 30 of the Funds had investment performance relative to that of the
respective Performance Universe that was better than the corresponding relative
investment performance at December 31, 2008 for all applicable time periods. At
June 30, 2009, an additional 6 Funds had investment performance relative to that
of their respective Performance Universe that was better than the corresponding
relative investment performance at December 31, 2008 for a majority of the
applicable time periods. At June 30, 2009, 15 additional Funds had investment
performance relative to that of their respective Performance Universe that was
better than the corresponding relative performance at December 31, 2008 and only
29 Funds had poorer relative investment performance at June 30, 2009 compared to
that at December 31, 2008. The Board therefore concluded that the investment
performance of the Funds on an aggregate basis had continued to improve relative
to their respective Performance Universe since the data reviewed at the May 2009
meeting. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Delaware Investments
Arizona Municipal Income Fund, Inc. &#8211; The Performance Universe for the Fund
consisted of the Fund and all leveraged closed&#8211;end other state municipal debt
funds as selected by Lipper. The Lipper report comparison showed that the Fund&#8217;s
total return for the one-, three-, five- and ten-year periods was in the second
quartile of its Performance Universe. The Board was satisfied with
performance.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Delaware Investments
Colorado Municipal Income Fund, Inc. &#8211; The Performance Universe for the Fund
consisted of the Fund and all leveraged closed&#8211;end other state municipal debt
funds as selected by Lipper. The Lipper report comparison showed that the Fund&#8217;s
total return for the one-, three-, five- and ten-year periods was in the first
quartile of its Performance Universe. The Board was satisfied with
performance.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Delaware Investments
Minnesota Municipal Income Fund II, Inc. &#8211; The Performance Universe for the Fund
consisted of the Fund and all leveraged closed&#8211;end other state municipal debt
funds as selected by Lipper. The Lipper report comparison showed that the Fund&#8217;s
total return for the one-, three-, five- and ten-year periods was in the first
quartile of its Performance Universe. The Board was satisfied with
performance.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Delaware Investments
National Municipal Income Fund &#8211; The Performance Universe for the Fund consisted
of the Fund and all leveraged closed&#8211;end general municipal debt funds as
selected by Lipper. The Lipper report comparison showed that the Fund&#8217;s total
return for the one-year period was in the first quartile. The report further
showed that the Fund&#8217;s total return for the three-year period was in the second
quartile and the Fund&#8217;s total return for the five- and ten-year periods was in
the third quartile. The Board determined that the Fund&#8217;s performance results
were mixed. In evaluating the Fund&#8217;s performance, the Board considered the
strategy changes implemented in late 2007 and the improved performance for the
one- and three-year periods. The Board was satisfied that Management was taking
effective action to enhance Fund performance and meet the Board&#8217;s performance
objective.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Based on information
provided by DMC and Macquarie Group, the Board concluded that neither the
Transaction nor the New Investment Advisory Agreement would likely have an
adverse effect on the investment performance of any Fund because (i) DMC and
Macquarie Group did not currently expect the Transaction to cause any material
change to the Funds&#8217; portfolio management teams responsible for investment
performance, which the Board found to be satisfactory and improving; and (ii) as
discussed in more detail below, the Funds&#8217; expenses were not expected to
increase as a result of the Transaction.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Comparative Expenses.</font></font><font size="1" style="FONT-FAMILY: serif"> The Directors also considered expense
comparison data for the Funds previously provided in May 2009. At that meeting,
DMC had provided the Board with information on pricing levels and fee structures
for the Funds and comparative funds. The Directors focused on the comparative
analysis of the effective management fees and total expense ratios of each Fund
versus the effective management fees and expense ratios of a group of funds
selected by Lipper as being similar to each Fund (the &#8220;Expense Group&#8221;). In
reviewing comparative costs, each Fund&#8217;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
limitations. Each Fund&#8217;s total expenses were also compared with those of its
Expense Group. The Directors also considered fees paid to Delaware Investments
for nonmanagement services. At the September 3, 2009 meeting, DMC advised the
Board that the more recent comparative expenses for the Funds remained
consistent with the previous review in May 2009 and, consequently, the Directors
concluded that expenses of the Funds were satisfactory.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Board also
considered the Expense Agreement under negotiation in evaluating Fund expenses.
The Directors expected that the Expense Agreement would provide that LNC and
Macquarie Group would pay or reimburse the Funds for all reasonable
out-of-pocket costs and expenses in connection with the Transaction and the
consideration of the New Investment Advisory Agreements (subject to certain
limited exceptions).</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Based on information
provided by DMC and Macquarie Group, the Board concluded that neither the
Transaction nor the New Investment Advisory Agreements likely would have an
adverse effect on the Funds&#8217; expenses because (i) each Fund&#8217;s contractual fee
rates under the New Investment Advisory Agreement would remain the same; (ii)
under the Expense Agreement, the Funds would be reimbursed for all reasonable
out-of-pocket costs and expenses in connection with the Transaction and the
related proxy solicitation (subject to certain limited exceptions); and (iii)
the expense ratios of certain Funds might decline as a result of the possible
increased investment in Delaware Investments by Macquarie Group, as discussed
below under &#8220;Economies of Scale.&#8221;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">40</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Management Profitability.</font></font><font size="1" style="FONT-FAMILY: serif"> At their meeting on September 3, 2009, the
Board evaluated DMC&#8217;s profitability in connection with the operation of the
Funds. The Board had previously considered DMC&#8217;s profitability in connection
with the operation of the Funds at its May 2009 meeting. At that meeting, the
Board reviewed an analysis that addressed the overall profitability of Delaware
Investments&#8217; business in providing management and other services to each of the
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.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">At the May 2009 meeting,
representatives of DMC had stated that the level of profits of DMC, to a certain
extent, reflect operational cost savings and efficiencies initiated by Delaware
Investments (including DMC and its affiliates that provide services to the
Funds). The Board considered Delaware Investments&#8217; efforts to improve services
provided to Fund shareholders and to meet additional regulatory and compliance
requirements resulting from recent industry-wide U.S. Securities and Exchange
Commission initiatives. At that meeting, the Board found that the management
fees were reasonable in light of the services rendered and the level of
profitability of DMC. At the September 3, 2009 meeting, DMC advised the Board
that DMC did not expect the Transaction to affect materially the profitability
of Delaware Investments compared to the level of profitability considered during
the May 2009 review. Moreover, the Directors reviewed <font style="FONT-STYLE: italic">pro forma</font> balance sheets of certain key
companies in Delaware Investments as of June 30, 2009 (which were provided by
Macquarie Group and DMC in response to the Directors&#8217; requests) and evaluated
the projections of Delaware Investments&#8217; capitalization following the
Transaction for purposes of evaluating the financial ability of Delaware
Investments to continue to provide the nature, extent, and quality of services
as it had under the Current Investment Advisory Agreement. </font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Based on information
provided by DMC and Macquarie Group, the Board concluded that DMC and Delaware
Investments would be sufficiently capitalized following the Transaction to
continue the same level and quality of services to the Funds under the New
Investment Advisory Agreements as was the case under the Current Investment
Advisory Agreements. The Board also concluded that Macquarie Group had
sufficient financial strength and resources, as well as an ongoing commitment to
a global asset management business, to continue investing in Delaware
Investments, including DMC, to the extent that Macquarie Group determined it was
appropriate. Finally, because services and costs were expected to be
substantially the same (and DMC had represented that, correspondingly,
profitability would be about the same), under the New Investment Advisory
Agreements as under the Current Investment Advisory Agreements, the Directors
concluded that the profitability of Delaware Investments would not result in an
inequitable charge on the Funds or their shareholders. Accordingly, the Board
concluded that the fees charged under the New Investment Advisory Agreements
would be reasonable in light of the services to be provided and the expected
profitability of DMC.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Economies of Scale.</font></font><font size="1" style="FONT-FAMILY: serif"> As a closed-end fund, 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></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Board also
acknowledged Macquarie Group&#8217;s statement that the Transaction would not by
itself immediately provide additional economies of scale given Macquarie Group&#8217;s
limited presence in the U.S. mutual fund market. Nonetheless, the Directors
concluded that additional economies of scale could potentially be achieved in
the future if DMC were owned by Macquarie Group as a result of Macquarie Group&#8217;s
willingness to invest further in Delaware Investments if appropriate
opportunities arise. </font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Fall-Out Benefits.</font></font><font size="1" style="FONT-FAMILY: serif"> The Board acknowledged that DMC would
continue to benefit from soft dollar arrangements using portfolio brokerage of
each Fund that invests in equity securities and that DMC&#8217;s profitability would
likely be somewhat lower without the benefit of practices with respect to
allocating Fund portfolio brokerage for brokerage and research services. The
Board also considered that Macquarie Group and Delaware Investments may derive
reputational, strategic, and other benefits from their association with the
Delaware Investments Family of Funds, and evaluated 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. However, the Board concluded that (i) any such
benefits under the New Investment Advisory Agreements would not be dissimilar
from those existing under the Current Investment Advisory Agreements; (ii) such
benefits did not impose a cost or burden on the Funds or their shareholders; and
(iii) such benefits would probably have an indirectly beneficial effect on the
Funds and their shareholders because of the added importance that DMC and
Macquarie Group might attach to the Funds as a result of the fall-out benefits
that the Funds conveyed.</font></div>
    <div align="left">&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Board Review of Macquarie Group.
</font></font><font size="1" style="FONT-FAMILY: serif">The Directors reviewed
detailed information supplied by Macquarie Group about its operations as well as
other information regarding Macquarie Group provided by independent legal
counsel to the independent Directors. Based on this review, the Directors
concluded that Delaware Investments would continue to have the financial ability
to maintain the high quality of services required by the Funds. The Directors
noted that there would be a limited transition period during which some services
previously provided by LNC to Delaware Investments would continue to be provided
by LNC after the Closing, and concluded that this arrangement would help
minimize disruption in Delaware Investments&#8217; provision of services to the Funds
following the Transaction.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Board considered
Macquarie Group&#8217;s current intention to leave the Funds&#8217; other service providers
in place. The Board also considered Macquarie Group&#8217;s current strategic plans to
increase its asset management activities, one of its core businesses,
particularly in North America, and its statement that its acquisition of DMC is
an important component of this strategic growth and the establishment of a
significant presence in the United States. Based in part on the information
provided by DMC and Macquarie Group, the Board concluded that Macquarie Group&#8217;s
acquisition of Delaware Investments could potentially enhance the nature,
quality, and extent of services provided to the Funds and their
shareholders.</font></div>
    <div>&#160;</div>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;</font></font> <font size="2" style="FONT-FAMILY: serif">41</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: serif">Other Fund
information<br></font><font color="#b2b2b2" size="5" style="FONT-FAMILY: serif">(Unaudited)</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: serif">Delaware Investments Closed-End
Municipal Bond Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Board Consideration of New Investment Advisory
Agreement (continued)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Conclusion.</font></font><font size="1" style="FONT-FAMILY: serif"> The Board concluded that the advisory fee
rate under each New Investment Advisory Agreement was reasonable in relation to
the services provided and that execution of the New Investment Advisory
Agreement would be in the best interests of the shareholders. For each Fund, the
Directors noted that they had concluded in their most recent advisory agreement
continuance considerations in May 2009 that the management fees and total
expense ratios were at acceptable levels in light of the quality of services
provided to the Funds and in comparison to those of the Funds&#8217; respective peer
groups; that the advisory fee schedule would not be increased and would stay the
same for all of the Funds; that the total expense ratio had not changed
materially since that determination; and that DMC had represented that the
overall expenses for each Fund were not expected to be adversely affected by the
Transaction. The Directors also noted, with respect to the Funds that currently
had the benefit of voluntary fee limitations, that Macquarie Group had no
present intention to cause DMC to alter any voluntary expense limitations or
reimbursements currently in effect. On that basis, the Trustees concluded that
the total expense ratios and proposed advisory fees for the Funds anticipated to
result from the Transaction were acceptable. In approving each New Investment
Advisory Agreement, the Board stated that it anticipated reviewing the
continuance of the New Investment Advisory Agreement in advance of the
expiration of the initial two-year period.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Change in Independent Registered Public
Accounting Firm</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Due to independence
matters under the Securities and Exchange Commission&#8217;s auditor independence
rules relating to the January 4, 2010 acquisition of Delaware Investments
(including DMC, DDLP and DSC) by Macquarie Group, Ernst &amp; Young LLP
(&#8220;E&amp;Y&#8221;) will resign as the independent registered public accounting firm for
Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments
Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal
Income Fund II, Inc., and Delaware Investments National Municipal Income Fund
(the &#8220;Funds&#8221;) effective May 27, 2010. At a meeting held on February 18, 2010,
the Board of Directors/Trustees of the Funds, upon recommendation of the Audit
Committee, selected PricewaterhouseCoopers LLC (&#8220;PwC&#8221;) to serve as the
independent registered public accounting firm for each Fund for the fiscal year
ending March 31, 2011. During the fiscal years ended March 31, 2009 and March
31, 2010, E&amp;Y&#8217;s audit reports on the financial statements of the Funds did
not contain any adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope, or accounting principles.
In addition, there were no disagreements between any of the Funds and E&amp;Y on
accounting principles, financial statements disclosures or audit scope, which,
if not resolved to the satisfaction of E&amp;Y, would have caused them to make
reference to the disagreement in their reports. None of the Funds nor anyone on
their behalf has consulted with PwC at any time prior to their selection with
respect to the application of accounting principles to a specified transaction,
either completed or proposed or the type of audit opinion that might be rendered
on the Funds&#8217; financial statements.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">42</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="6" style="FONT-FAMILY: serif">Board of
trustees/directors<br>and officers addendum </font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of
Funds</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">A mutual fund is
governed by a Board of Trustees/Directors (&#8220;Trustees&#8221;), which has oversight
responsibility for the management of a fund&#8217;s business affairs. Trustees
establish procedures and oversee and review the performance of the investment
manager, the distributor, and others who perform services for the fund. The
independent fund trustees, in particular, are advocates for shareholder
interests. Each trustee has served in that capacity since he or she was elected
to or appointed to the Board of Trustees, and will continue to serve until his
or her retirement or the election of a new trustee in his or her place. The
following is a list of the Trustees and Officers with certain background and
related information.</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Number
      of</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Portfolios
      in Fund</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Other</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Name,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Complex
      Overseen</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Directorships</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Address,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Position(s)</font></td>
            <td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Length
      of</font></td>
            <td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Principal
      Occupation(s)</font></td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">by
      Trustee</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held
      by</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">and
      Birth Date</font></td>
            <td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held
      with Fund(s)</font></td>
            <td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Time
      Served</font></td>
            <td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">During
      Past 5 Years</font></td>
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">or
      Officer</font></td>
            <td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Trustee
      or Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: serif">Interested
    Trustees</font></font></td>
            <td align="left" nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="left" nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Patrick P.
      Coyne<font style="FONT-WEIGHT: bold; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font><br>2005
      Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">April 1963</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Chairman,<br>President,<br>Chief Executive<br>Officer,
      and<br>Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Chairman and Trustee<br>since August 16,
      2006</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">President and<br>Chief Executive
      Officer<br>since August 1, 2006</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
            </td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Patrick P. Coyne has served in<br>various executive
      capacities<br>at different times at<br>Delaware Investments.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Director<br>Kaydon Corp.</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Board of Governors<br>Member<br>Investment
      Company<br>Institute (ICI)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Finance Committee<br>Member &#8211;<br>St. John
      Vianney<br>Roman Catholic Church</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center"><br>Board of Trustees &#8211;<br>Agnes Irwin
      School</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center"><br>Member of Investment<br>Committee
      &#8211;<br>Cradle of Liberty<br>Council, BSA<br>(2007 &#8211; 2010)</div>
            </td>
          </tr><tr>
            <td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Independent
      Trustees</font></font></td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Thomas L.
      Bennett</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">October 1947</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Trustee</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
            </td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>March 2005</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Private Investor<br>(March
      2004&#8211;Present)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Investment Manager<br>Morgan Stanley &amp;
      Co.<br>(January 1984&#8211;March 2004)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
            </td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Director<br>Bryn Mawr<br>Bank Corp.
      (BMTC)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Chairman of<br>Investment
      Committee<br>&#8211;Pennsylvania Academy<br>of Fine Arts</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Investment Committee<br>and
      Governance<br>Committee Member&#8211;<br>Pennsylvania<br>Horticultural
      Society</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">John A.
      Fry</font><br>2005 Market Street<br>Philadelphia,
      PA<br>19103<br>&#160;<br>May 1960</td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>January 2001</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">President <br>Franklin &amp; Marshall
      College <br>(July 2002&#8211;Present)&#160;</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Executive Vice President <br>University of
      Pennsylvania <br>(April 1995&#8211;June 2002)</div>
            </td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Director &#8211; <br>Community Health <br>Systems
      <br>Director &#8211; ECORE <br>&#160;<br>Director - <br>Allied Banton
      <br>Securities Holdings <br>(From 2005 to
2008)</td>
          </tr></table>
    </div><br>
    <div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: serif"><font color="#808080"><font size="2">(continues)<font color="#000000">&#160;&#160;&#160;&#160;</font></font></font><font color="#000000">
<font size="2" style="FONT-WEIGHT: normal; FONT-STYLE: normal; FONT-FAMILY: serif">43</font></font></font></font></div>
    <div>&#160;</div>
    <hr align="center" noshade width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Number
      of</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Portfolios
      in Fund</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Other</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Name,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Complex
      Overseen</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Directorships</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Address,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Position(s)</font></td>
            <td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Length
      of</font></td>
            <td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Principal
      Occupation(s)</font></td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">by
      Trustee</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held
      by</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">and
      Birth Date</font></td>
            <td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held
      with Fund(s)</font></td>
            <td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Time
      Served</font></td>
            <td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">During
      Past 5 Years</font></td>
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">or
      Officer</font></td>
            <td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Trustee
      or Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="6" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: serif">Independent Trustees
      (continued)</font></font></td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Anthony D.
      Knerr</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">December 1938</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>April 1990</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Founder and Managing Director<br>Anthony Knerr &amp;
      Associates<br>(Strategic Consulting)<br>(1990&#8211;Present)</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None</td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Lucinda S.
      Landreth</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">June 1947</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>March 2005</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Chief Investment Officer<br>Assurant,
      Inc.<br>(Insurance)<br>(2002&#8211;2004)</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None</td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Ann R.
      Leven</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">November 1940</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>October 1989</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Consultant<br>ARL Associates<br>(Financial
      Planning)<br>(1983&#8211;Present)</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Director and Audit<br>Committee Chair
      &#8211;<br>Systemax Inc.<br>(2001&#8211; 2009)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Director and Audit<br>Committee
      Chairperson<br>&#8211; Andy Warhol<br>Foundation<br>(1999 &#8211; 2007)</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Thomas F.
      Madison</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">February 1936</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>May 1997<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">President and<br>Chief Executive Officer<br>MLM
      Partners, Inc.<br>(Small Business Investing<br>and Consulting)<br>(January
      1993&#8211;Present)</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Director and Chair
      of<br>Compensation<br>Committee,<br>Governance
      Committee<br>Member&#8211;<br>CenterPoint Energy</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Lead Director and Chair<br>of Audit<br>and
      Governance<br>Committees,<br>Member
      of<br>Compensation<br>Committee&#8211;<br>Digital River, Inc.</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Director and Chair
      of<br>Governance<br>Committee, Audit<br>Committee Member&#8211;<br>Rimage
      Corporation</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Director and Chair
      of<br>Compensation<br>Committee&#8211;<br>Spanlink<br>Communications</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Lead Director and<br>Member
      of<br>Compensation<br>and Governance<br>Committees&#8211;<br>Valmont Industries,
      Inc.</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Director -<br>Banner Health<br>(From 1996
      to 2007)</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Janet L.
      Yeomans</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">July 1948</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>April 1999</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President and Treasurer<br>(January
      2006&#8211;Present)<br>Vice President &#8212; Mergers &amp; Acquisitions<br>(January
      2003&#8211;January 2006), and<br>Vice President<br>(July 1995&#8211;January
      2003)<br>3M Corporation</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Director &#8211;<br>Okabena Company</td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">44</font></div>
    <div>&#160;</div>
    <hr align="center" noshade width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="16%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Number of</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center">
            </td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Portfolios in Fund</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Other</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Name,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="15%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="22%" style="TEXT-ALIGN: center">
            </td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Complex Overseen</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Directorships</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Address,</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Position(s)</font></td>
            <td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Length of</font></td>
            <td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Principal
      Occupation(s)</font></td>
            <td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">by Trustee</font></td>
            <td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Held by</font></td>
          </tr><tr valign="bottom">
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">and Birth
      Date</font></td>
            <td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Held with
      Fund(s)</font></td>
            <td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Time
      Served</font></td>
            <td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">During
      Past 5 Years</font></td>
            <td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">or
      Officer</font></td>
            <td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Trustee or
      Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="6" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: serif">Independent Trustees
      (continued)</font></font></td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">J. Richard
      Zecher</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">July 1940</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Trustee</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Since<br>March 2005</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Founder<br>Investor Analytics<br>(Risk
      Management)<br>(May 1999&#8211;Present)</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Founder<br>Sutton Asset
      Management<br>(Hedge Fund)<br>(September 1996&#8211;Present)</div>
            </td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center">Director and Audit<br>Committee Member
      &#8211;<br>Investor Analytics</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">Director - Oxigene, Inc.<br>(From 2003 to
      2008)</div>
            </td>
          </tr><tr>
            <td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Officers</font></font></td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">David F.
      Connor</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">December 1963</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President,<br>Deputy General<br>Counsel, and
      Secretary</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President since<br>September 2000<br>and
      Secretary<br>since<br>October 2005</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">David F. Connor has served as<br>Vice President and
      Deputy<br>General Counsel of<br>Delaware Investments<br>since 2000.</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Daniel V.
      Geatens</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">October 1972</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President<br>and Treasurer</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Treasurer<br>since<br>October 25, 2007</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Daniel V. Geatens has served<br>in various capacities
      at<br>different times at<br>Delaware Investments.</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">David P.
      O&#8217;Connor</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">February 1966</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior Vice<br>President,<br>General Counsel,<br>and
      Chief<br>Legal Officer</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior Vice President,<br>General Counsel, and<br>Chief
      Legal Officer<br>since<br>October 2005</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">&#160;&#160; David P. O&#8217;Connor has served
      in&#160;&#160; <br>various executive and legal<br>capacities at different
      times<br>at Delaware Investments.</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
          </tr><tr>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
              <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Richard
      Salus</font><br>2005 Market Street<br>Philadelphia, PA<br>19103</div>
              <div style="TEXT-ALIGN: center">&#160;</div>
              <div style="TEXT-ALIGN: center">October 1963</div>
            </td>
            <td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior<br>Vice President<br>and<br>Chief
      Financial<br>Officer</td>
            <td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Chief Financial<br>Officer since<br>November 2006</td>
            <td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Richard Salus has served in<br>various executive
      capacities<br>at different times at<br>Delaware Investments.</td>
            <td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">80</td>
            <td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-LEFT: 6pt; FONT-SIZE: 8pt; TEXT-INDENT: -6pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td width="100%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> Patrick P. Coyne
      is considered to be an &#8220;Interested Trustee&#8221; because he is an executive
      officer of the Fund&#8217;s(s&#8217;) investment advisor.</font></div>
            </td>
          </tr><tr>
            <td width="100%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Delaware
      Investments is the marketing name for Delaware Management Holdings, Inc.
      and its subsidiaries, including the Fund&#8217;s(s&#8217;) investment advisor,
      principal underwriter, and its transfer agent.</font></div>
            </td>
          </tr><tr>
            <td width="100%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> In 1997, several
      funds managed by Voyageur Fund Managers, Inc. (the &#8220;Voyageur Funds&#8221;) were
      incorporated into the Delaware Investments</font><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds.
      Mr. Madison served as a director of the Voyageur Funds from 1993 until
      1997.</font></div>
            </td>
          </tr><tr>
            <td width="100%">
              <div align="left"><font size="1" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> David F. Connor,
      Daniel V. Geatens, David P. O&#8217;Connor, and Richard Salus serve in similar
      capacities for the six portfolios of the Optimum Fund Trust, which have
      the same investment advisor, principal underwriter, and transfer agent as
      the registrant.</font></div>
            </td>
          </tr></table>
    </div><br>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">The Statement of
Additional Information for the Fund(s) includes additional information about the
Trustees and Officers and is available, without charge, upon request by calling
800 523-1918.</font></div>
    <div>&#160;</div>
    <div align="right"><font size="2" style="FONT-FAMILY: serif">45</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="6" style="FONT-FAMILY: serif">About the organization</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">This annual report is
for the information of Delaware Investments Closed-End Municipal Bond Funds
shareholders. Notice is hereby given in accordance with Section 23(c) of the
Investment Company Act of 1940 that the Funds may, from time to time, purchase
shares of their common stock on the open market at market prices.</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td nowrap valign="top" width="33%">
              <div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Board of directors/trustees</font></div>
            </td>
            <td nowrap valign="top" width="33%">
              <div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Affiliated officers</font></div>
            </td>
            <td nowrap valign="top" width="33%">
              <div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Contact information</font></div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="33%">&#160; </td>
            <td nowrap valign="top" width="33%">&#160; </td>
            <td nowrap valign="top" width="33%">&#160; </td>
          </tr><tr>
            <td nowrap valign="top" width="33%">
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Patrick P.
      Coyne</font><br>Chairman, President,<br>and Chief Executive
      Officer<br>Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of
      Funds<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas L.
      Bennett<br></font>Private Investor<br>Rosemont, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">John A.
      Fry</font><br>President<br>Franklin &amp; Marshall College<br>Lancaster,
      PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Anthony D.
      Knerr<br></font>Founder and Managing Director<br>Anthony Knerr &amp;
      Associates<br>New York, NY</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Lucinda S.
      Landreth<br></font>Former Chief Investment Officer<br>Assurant,
      Inc.<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ann R.
      Leven<br></font>Consultant<br>ARL Associates<br>New York, NY</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas F.
      Madison<br></font>President and Chief Executive Officer<br>MLM Partners,
      Inc.<br>Minneapolis, MN</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Janet L. Yeomans<br></font>Vice
      President and Treasurer<br>3M Corporation<br>St. Paul, MN</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">J. Richard
      Zecher<br></font>Founder<br>Investor Analytics<br>Scottsdale,
      AZ</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="33%">
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">David F. Connor<br></font>Vice
      President, Deputy General Counsel,<br>and Secretary<br>Delaware
      Investments Family of Funds<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Daniel V.
      Geatens<br></font>Vice President and Treasurer<br>Delaware Investments
      Family of Funds<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">David P.
      O&#8217;Connor<br></font>Senior Vice President, General Counsel,<br>and Chief
      Legal Officer<br>Delaware Investments Family of Funds<br>Philadelphia,
      PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Richard Salus<br></font>Senior
      Vice President and<br>Chief Financial Officer<br>Delaware Investments
      Family of Funds<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="33%">
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Investment
      manager<br></font>Delaware Management Company,<br>a series of Delaware
      Management<br>Business Trust<br>Philadelphia, PA</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal office of the
      Funds<br></font>2005 Market Street<br>Philadelphia, PA
      19103-7057</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Independent registered
      public<br>accounting firm<br></font>Ernst &amp; Young LLP<br>2001 Market
      Street<br>Philadelphia, PA 19103</font></div>
              <div>&#160;</div>
              <div><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registrar and stock
      transfer<br>agent<br></font>BNY Mellon Shareowner Services<br>480
      Washington Blvd.<br>Jersey City, NJ 07310<br>800 851-9677</font></div>
              <div>&#160;</div>
            </td>
          </tr></table>
    </div>
    <div align="left"><font color="#b2b2b2" style="FONT-FAMILY: serif">Your reinvestment
options</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Each of the Funds offers
an automatic dividend reinvestment program. If you would like to reinvest
dividends, and shares are registered in your name, contact BNY Mellon Shareowner
Services at 800 851-9677. You will be asked to put your request in writing. If
you have shares registered in &#8220;street&#8221; name, contact the broker/dealer holding
the shares or your financial advisor.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">Each Fund files its
complete schedule of portfolio holdings with the Securities and Exchange
Commission (SEC) for the first and third quarters of each fiscal year on Form
N-Q. Each Fund&#8217;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 SEC&#8217;s Web site at 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&#8217;s Schedule of Investments are available without charge on the Fund&#8217;s Web
site at www.delawareinvestments.com. Each Fund&#8217;s Forms N-Q may be reviewed and
copied at the SEC&#8217;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></div>
    <div align="left">&#160;</div>
    <div align="left"><font size="1" style="FONT-FAMILY: serif">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&#8217;s Web site at www.delawareinvestments.com; and (ii)
on the SEC&#8217;s Web site at www.sec.gov.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">For securities dealers and financial
institutions representatives</font></font><br><font size="2" style="FONT-FAMILY: serif">800 362-7500</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Web site</font></font><br><font size="2" style="FONT-FAMILY: serif">www.delawareinvestments.com</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">Delaware Investments is the marketing name of
Delaware Management Holdings, Inc. and its subsidiaries.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Number of recordholders as
of</font></font><br><font size="2" style="FONT-FAMILY: serif">March 31,
2010</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">Arizona Municipal Income Fund</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">50</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: serif">Colorado Municipal</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: serif">Income Fund</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: serif">115</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">Minnesota Municipal Income</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">Fund II</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: serif">568</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: serif">National Municipal Income Fund</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: serif">100</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">46</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 2. Code of Ethics
</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The registrant has adopted a code of ethics that applies to the
registrant&#8217;s principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or a
third party. A copy of the registrant&#8217;s Code of Business Ethics has been posted
on the Delaware Investments Internet Web site at www.delawareinvestments.com.
Any amendments to the Code of Business Ethics, and information on any waiver
from its provisions granted by the registrant, will also be posted on this Web
site within five business days of such amendment or waiver and will remain on
the Web site for at least 12 months.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 3. Audit Committee
Financial Expert</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s Board of Trustees/Directors has determined that each
member of the registrant&#8217;s Audit Committee is an audit committee financial
expert, as defined below. For purposes of this item, an &#8220;audit committee
financial expert&#8221; is a person who has the following attributes:</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>a. An understanding of generally
accepted accounting principles and financial statements;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>b. The ability to assess the general
application of such principles in connection with the accounting for estimates,
accruals, and reserves;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>c. Experience preparing, auditing,
analyzing, or evaluating financial statements that present a breadth and level
of complexity of accounting issues that are generally comparable to the breadth
and complexity of issues that can reasonably be expected to be raised by the
registrant&#8217;s financial statements, or experience actively supervising one or
more persons engaged in such activities;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>d. An understanding of internal
controls and procedures for financial reporting; and</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>e. An understanding of audit
committee functions.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">An &#8220;audit committee
financial expert&#8221; shall have acquired such attributes through:</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>a. Education and experience as a
principal financial officer, principal accounting officer, controller, public
accountant, or auditor or experience in one or more positions that involve the
performance of similar functions;</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>b. Experience actively supervising a
principal financial officer, principal accounting officer, controller, public
accountant, auditor, or person performing similar functions;</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>c. Experience overseeing or
assessing the performance of companies or public accountants with respect to the
preparation, auditing, or evaluation of financial statements; or</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>d. Other relevant
experience.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>The registrant&#8217;s Board of
Trustees/Directors has also determined that each member of the registrant&#8217;s
Audit Committee is independent. In order to be &#8220;independent&#8221; for purposes of
this item, the Audit Committee member may not: (i) other than in his or her
capacity as a member of the Board of Trustees/Directors or any committee
thereof, accept directly or indirectly any consulting, advisory or other
compensatory fee from the issuer; or (ii) be an &#8220;interested person&#8221; of the
registrant as defined in Section 2(a)(19) of the Investment Company Act of
1940.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>The names of the audit committee
financial experts on the registrant&#8217;s Audit Committee are set forth
below:</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Thomas L. Bennett&#160;<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font><font size="2" style="FONT-FAMILY: serif"><br><font size="3">&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: serif">John A. Fry<br><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Thomas F. Madison<br><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Janet L. Yeomans<br><font size="3">&#160;&#160;&#160;&#160;&#160;</font>J. Richard Zecher</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 4. Principal
Accountant Fees and Services</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(a) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Audit fees</font></font><font size="2" style="FONT-FAMILY: serif">. </font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed for services provided to the registrant by its
independent auditors for the audit of the registrant&#8217;s annual financial
statements and for services normally provided by the independent auditors in
connection with statutory and regulatory filings or engagements were $10,338 for
the fiscal year ended March 31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">_______________________<br></font><font size="2" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>&#160;The
instructions to Form N-CSR require disclosure on the relevant experience of
persons who qualify as audit committee financial experts based on &#8220;other
relevant experience.&#8221; The Board of Trustees/Directors has determined that Mr.
Bennett qualifies as an audit committee financial expert by virtue of his
education, Chartered Financial Analyst designation, and his experience as a
credit analyst, portfolio manager and the manager of other credit analysts and
portfolio managers.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed for services provided to the registrant by its
independent auditors for the audit of the registrant&#8217;s annual financial
statements and for services normally provided by the independent auditors in
connection with statutory and regulatory filings or engagements were $10,500 for
the fiscal year ended March 31, 2009.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(b) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Audit-related fees</font></font><font size="2" style="FONT-FAMILY: serif">.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
services relating to the performance of the audit of the registrant&#8217;s financial
statements and not reported under paragraph (a) of this Item were $0 for the
fiscal year ended March 31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
services relating to the performance of the audit of the financial statements of
the registrant&#8217;s investment adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March
31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
services relating to the performance of the audit of the registrant&#8217;s financial
statements and not reported under paragraph (a) of this Item were $0 for the
fiscal year ended March 31, 2009.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
services relating to the performance of the audit of the financial statements of
the registrant&#8217;s investment adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March
31, 2009.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(c) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Tax fees</font></font><font size="2" style="FONT-FAMILY: serif">.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
tax-related services provided to the registrant were $2,250 for the fiscal year
ended March 31, 2010. The percentage of these fees relating to services approved
by the registrant&#8217;s Audit Committee pursuant to the </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">de</font></font><font size="2" style="FONT-FAMILY: serif"> </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">minimis</font></font><font size="2" style="FONT-FAMILY: serif"> exception from the pre-approval requirement
in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services
were as follows: review of income tax returns, review of annual excise
distribution calculations, and tax compliance services with respect to
investments in foreign securities.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
tax-related services provided to the registrant&#8217;s investment adviser and other
service providers under common control with the adviser and that relate directly
to the operations or financial reporting of the registrant were $0 for the
registrant&#8217;s fiscal year ended March 31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
tax-related services provided to the registrant were $2,150 for the fiscal year
ended March 31, 2009. The percentage of these fees relating to services approved
by the registrant&#8217;s Audit Committee pursuant to the </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">de</font></font><font size="2" style="FONT-FAMILY: serif"> </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">minimis</font></font><font size="2" style="FONT-FAMILY: serif"> exception from the pre-approval requirement
in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services
were as follows: review of income tax returns, review of annual excise
distribution calculations, and tax compliance services with respect to
investments in foreign securities.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed by the registrant&#8217;s independent auditors for
tax-related services provided to the registrant&#8217;s adviser and other service
providers under common control with the adviser and that relate directly to the
operations or financial reporting of the registrant were $0 for the registrant&#8217;s
fiscal year ended March 31, 2009.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(d) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">All other fees</font></font><font size="2" style="FONT-FAMILY: serif">.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed for all services provided by the independent
auditors to the registrant other than those set forth in paragraphs (a), (b) and
(c) of this Item were $0 for the fiscal year ended March 31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed for all services other than those set forth in
paragraphs (b) and (c) of this Item provided by the registrant&#8217;s independent
auditors to the registrant&#8217;s adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March
31, 2010.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The aggregate fees billed for all services provided by the independent
auditors to the registrant other than those set forth in paragraphs (a), (b) and
(c) of this Item were $0 for the fiscal year ended March 31, 2009.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;The
aggregate fees billed for all services other than those set forth in paragraphs
(b) and (c) of this Item provided by the registrant&#8217;s independent auditors to
the registrant&#8217;s adviser and other service providers under common control with
the adviser and that relate directly to the operations or financial reporting of
the registrant were $0 for the registrant&#8217;s fiscal year ended March 31,
2009.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(e) The registrant&#8217;s Audit Committee
has established pre-approval policies and procedures as permitted by Rule
2-01(c)(7)(i)(B) of Regulation S-X (the &#8220;Pre-Approval Policy&#8221;) with respect to
services provided by the registrant&#8217;s independent auditors. Pursuant to the
Pre-Approval Policy, the Audit Committee has pre-approved the services set forth
in the table below with respect to the registrant up to the specified fee
limits. Certain fee limits are based on aggregate fees to the registrant and
other registrants within the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font> <font size="2" style="FONT-FAMILY: serif">Family of Funds.</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; ">
<tr valign="bottom" style="LINE-HEIGHT: 14pt;">
            <td align="left" width="69%" bgcolor="#c0c0c0" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Service</font></font></td>
            <td width="30%" bgcolor="#c0c0c0" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Range of Fees</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Audit Services</font></font></td>
            <td width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Statutory
      audits or financial audits for new Funds</font></td>
            <td valign="middle" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">up to
      $25,000 per Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Services
      associated with SEC registration statements (e.g., Form N-1A, Form N-14,
      etc.), periodic reports and other documents filed with the SEC or other
      documents issued in connection with securities offerings (e.g., comfort
      letters for closed-end Fund offerings, consents), and assistance in
      responding to SEC comment letters</font></td>
            <td valign="middle" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">up to
      $10,000 per Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Consultations by Fund management as to the accounting or disclosure
      treatment of transactions or events and/or the actual or potential impact
      of final or proposed rules, standards or interpretations by the SEC, FASB,
      or other regulatory or standard-setting bodies (Note: Under SEC rules,
      some consultations may be considered &#8220;audit-related services&#8221; rather than
      &#8220;audit services&#8221;)</font></td>
            <td valign="middle" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2">up to $25,000 in the
      aggregate</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Audit-Related Services</font></font></td>
            <td width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Consultations by Fund management as to the accounting or disclosure
      treatment of transactions or events and /or the actual or potential impact
      of final or proposed rules, standards or interpretations by the SEC, FASB,
      or other regulatory or standard-setting bodies (Note: Under SEC rules,
      some consultations may be considered &#8220;audit services&#8221; rather than
      &#8220;audit-related services&#8221;)</font></td>
            <td valign="middle" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2">up to $25,000 in the
      aggregate</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Tax Services</font></font></td>
            <td width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left">&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">U.S.
      federal, state and local and international tax planning and advice (e.g.,
      consulting on statutory, regulatory or administrative developments,
      evaluation of Funds&#8217; tax compliance function, etc.)</font></td>
            <td valign="middle" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2">up to $25,000 in the
      aggregate</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">U.S.
      federal, state and local tax compliance (e.g., excise distribution
      reviews, etc.)</font></td>
            <td width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">up to $5,000 per
      Fund</font></td>
          </tr><tr valign="bottom">
            <td align="left" width="69%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">Review of
      federal, state, local and international income, franchise and other tax
      returns</font></td>
            <td width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">up to $5,000 per
      Fund</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Under the Pre-Approval Policy, the
Audit Committee has also pre-approved the services set forth in the table below
with respect to the registrant&#8217;s investment adviser and other entities
controlling, controlled by or under common control with the investment adviser
that provide ongoing services to the registrant (the &#8220;Control Affiliates&#8221;) up to
the specified fee limit. This fee limit is based on aggregate fees to the
investment adviser and its Control Affiliates.</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; ">
<tr valign="bottom" style="LINE-HEIGHT: 14pt;">
            <td align="left" nowrap width="69%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Service</font></font></td>
            <td nowrap width="30%" bgcolor="#c0c0c0" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="DISPLAY: inline; FONT-WEIGHT: bold">Range of
  Fees</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap valign="top" width="69%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Non-Audit Services</font></font></td>
            <td align="left" nowrap width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160; </td>
          </tr><tr valign="bottom">
            <td valign="top" width="69%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: serif">Services
      associated with periodic reports and other documents filed with the SEC
      and assistance in responding to SEC comment letters</font></td>
            <td align="left" nowrap valign="top" width="30%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">up to $10,000 in the aggregate</font></td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The
Pre-Approval Policy requires the registrant&#8217;s independent auditors to report to
the Audit Committee at each of its regular meetings regarding all services
initiated since the last such report was rendered, including those services
authorized by the Pre-Approval Policy.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(f) Not applicable.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">(g) The aggregate non-audit fees billed by the registrant&#8217;s independent
auditors for services rendered to the registrant and to its investment adviser
and other service providers under common control with the adviser were $201,964
and $251,264 for the registrant&#8217;s fiscal years ended March 31, 2010 and March
31, 2009, respectively.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">(h) In connection with its selection of the independent auditors, the
registrant&#8217;s Audit Committee has considered the independent auditors&#8217; provision
of non-audit services to the registrant&#8217;s investment adviser and other service
providers under common control with the adviser that were not required to be
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit
Committee has determined that the independent auditors&#8217; provision of these
services is compatible with maintaining the auditors&#8217; independence.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 5. Audit Committee
of Listed Registrants</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>The registrant has a
separately-designated standing Audit Committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the
registrant&#8217;s Audit Committee are Thomas L. Bennett, John A. Fry, Thomas F.
Madison, Janet L. Yeomans and J. Richard Zecher.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 6.
Investments</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(a) Included as part of report to
shareholders filed under Item 1 of this Form N-CSR.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>(b) Divestment of securities in
accordance with Section 13(c) of the Investment Company Act of
1940.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Not applicable.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Item 7. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment
Companies</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The registrant has formally delegated to its investment adviser(s) (the
&#8220;Adviser&#8221;) 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 &#8220;Procedures&#8221;). The Adviser has
established a Proxy Voting Committee (the &#8220;Committee&#8221;) which is responsible for
overseeing the Adviser&#8217;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></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">In order to facilitate the actual process of voting proxies, the Adviser
has contracted with Institutional Shareholder Services (&#8220;ISS&#8221;), a wholly owned
subsidiary of RiskMetrics Group ("RiskMetrics"), 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/RiskMetrics&#8217;s proxy voting activities. If a proxy has been voted for the
registrant, ISS/RiskMetrics 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&#8217;s Web site at http://www.delawareinvestments.com; and (ii) on the
Commission&#8217;s Web site at http://www.sec.gov.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">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&#8217;s position when it runs
counter to its specific Proxy Voting Guidelines (the &#8220;Guidelines&#8221;), and the
Adviser will also vote against management&#8217;s recommendation when it believes that
such position is not in the best interests of the registrant.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">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&#8217;s operations and
products.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">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/RiskMetrics in
accordance with the Procedures. Because almost all registrant proxies are voted
by ISS/RiskMetrics 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/RiskMetrics&#8217;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/RiskMetrics 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></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 8. Portfolio
Managers of Closed-End Management Investment Companies</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Other Accounts Managed<br></font></font><font size="2" style="FONT-FAMILY: serif">The following chart lists certain information
about types of other accounts for which each portfolio manager is primarily
responsible as of March 31, 2010, unless otherwise noted. Any accounts managed
in a personal capacity appear under &#8220;Other Accounts&#8221; along with the other
accounts managed on a professional basis. The personal account information is
current as of the most recent calendar quarter end for which account statements
are available. </font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#000000">
            </td>
            <td align="left" nowrap width="17%" bgcolor="#000000">
            </td>
            <td align="left" nowrap width="18%" bgcolor="#000000">
            </td>
            <td align="left" nowrap width="23%" bgcolor="#000000">
            </td>
            <td nowrap width="21%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Total Assets
  in</font></font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#000000">
            </td>
            <td align="left" nowrap width="17%" bgcolor="#000000">
            </td>
            <td align="left" nowrap width="18%" bgcolor="#000000">
            </td>
            <td nowrap width="23%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">No. of Accounts
    with</font></font></font></td>
            <td nowrap width="21%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Accounts with</font></font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#000000">
            </td>
            <td nowrap width="17%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">No. of</font></font></font></td>
            <td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Total
    Assets</font></font></font></font></td>
            <td nowrap width="23%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Performance-Based</font></font></font></td>
            <td nowrap width="21%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Performance-</font></font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#000000">
            </td>
            <td nowrap width="17%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Accounts</font></font></font></td>
            <td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Managed</font></font></font></font></td>
            <td nowrap width="23%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Fees</font></font></font></font></td>
            <td nowrap width="21%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Based
  Fees</font></font></font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">Joseph R. Baxter</font></font></td>
            <td align="left" nowrap width="17%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="18%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="23%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="21%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Registered
Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">19</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$4.3 billion</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled
    Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">34</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$1.9 billion</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Stephen J. Czepiel</font></font></td>
            <td align="left" nowrap width="17%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="18%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="23%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="21%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Registered
Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">19</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$4.3 billion</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled
    Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">35</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$1.9 billion</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Denise A. Franchetti</font></font></td>
            <td align="left" nowrap width="17%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="18%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="23%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="21%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Registered
Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">4</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$302.1 million</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled
    Investment</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
            <td align="left" nowrap width="17%">
            </td>
            <td align="left" nowrap width="18%">
            </td>
            <td align="left" nowrap width="23%">
            </td>
            <td align="left" nowrap width="21%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="20%"><font size="2" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
            <td nowrap width="17%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">1</font></td>
            <td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
            <td nowrap width="23%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">0</font></td>
            <td nowrap width="21%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: serif">$0</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">DESCRIPTION OF MATERIAL CONFLICTS OF
INTEREST</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Individual portfolio
managers may perform investment management services for other funds or accounts
similar to those provided to the Funds and the investment action for such other
fund or account and the Funds may differ. For example, an account or fund may be
selling a security, while another account or Fund may be purchasing or holding
the same security. As a result, transactions executed for one fund or account
may adversely affect the value of securities held by another fund, account or
Fund. Additionally, the management of multiple other funds or accounts and the
Funds may give rise to potential conflicts of interest, as a portfolio manager
must allocate time and effort to multiple funds or accounts and the Funds. A
portfolio manager may discover an investment opportunity that may be suitable
for more than one account or fund. The investment opportunity may be limited,
however, so that all funds or accounts for which the investment would be
suitable may not be able to participate. The Manager has adopted procedures
designed to allocate investments fairly across multiple funds or
accounts.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">A portfolio manager&#8217;s
management of personal accounts also may present certain conflicts of interest.
While Delaware&#8217;s code of ethics is designed to address these potential
conflicts, there is no guarantee that it will do so.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Compensation Structure<br></font></font><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Each portfolio&#8217;s manager&#8217;s
compensation consists of the following:</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">Base Salary -</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"> </font></font><font size="2" style="FONT-FAMILY: serif">Each named
portfolio manager receives a fixed base salary. Salaries are determined by a
comparison to industry data prepared by third parties to ensure that portfolio
manager salaries are in line with salaries paid at peer investment advisory
firms.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">Bonus</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"> - </font></font><font size="2" style="FONT-FAMILY: serif">An objective
component is added to the bonus for each manager that is reflective of account
performance relative to an appropriate peer group or database. The following
paragraph describes the structure of the non-guaranteed bonus.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Each portfolio manager
is eligible to receive an annual cash bonus, which is based on quantitative and
qualitative factors. There is one pool for bonus payments for the fixed income
department. The amount of the pool for bonus payments is determined by assets
managed (including investment companies, insurance product-related accounts and
other separate accounts), management fees and related expenses (including fund
waiver expenses) for registered investment companies, pooled vehicles, and
managed separate accounts. Generally, 60%-75% of the bonus is quantitatively
determined. For more senior portfolio managers, a higher percentage of the bonus
is quantitatively determined. For investment companies, each manager is
compensated according the Fund&#8217;s Lipper or Morningstar peer group percentile
ranking on a one-year, three-year, and five-year basis, with longer-term
performance more heavily weighted. For managed separate accounts the portfolio
managers are compensated according to the composite percentile ranking against
the Frank Russell and Callan Associates databases (or similar sources of
relative performance data) on a one-year, three-year, and five-year basis, with
longer term performance more heavily weighted. There is no objective award for a
fund that falls below the 50<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font></font><font size="2" style="FONT-FAMILY: serif"> percentile, but incentives reach maximum
potential at the 25<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font></font><font size="2" style="FONT-FAMILY: serif">-30<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font></font><font size="2" style="FONT-FAMILY: serif"> percentile. There is a sliding scale for
investment companies that are ranked above the 50<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font></font><font size="2" style="FONT-FAMILY: serif"> percentile. The remaining 25%-40% portion of
the bonus is discretionary as determined by Delaware Investments and takes into
account subjective factors.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">For new and recently
transitioned portfolio managers, the compensation may be weighted more heavily
towards a portfolio manager&#8217;s actual contribution and ability to influence
performance, rather than longer-term performance. Management intends to move the
compensation structure towards longer-term performance for these portfolio
managers over time.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">Incentive Plan/Equity Compensation Plan</font></font></font><font size="2" style="FONT-FAMILY: serif"> - Portfolio managers may be awarded options,
stock appreciation rights, restricted stock awards, restricted stock units,
deferred stock units, and performance awards (collectively, &#8220;Awards&#8221;) relating
to the underlying shares of common stock of Delaware Investments U.S., Inc.
pursuant to the terms of the Delaware Investments U.S., Inc. 2009 Incentive
Compensation Plan (the &#8220;Plan&#8221;) established on March 24, 2009. Since the
establishment of the Plan, Awards are no longer granted under the Amended and
Restated Delaware Investments U.S., Inc. Incentive Compensation Plan effective
December 26, 2008, which was established in 2001.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="left"><font size="3" style="FONT-FAMILY: serif">&#160;<font style="FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 10pt">The Plan was established in order to: assist the Manager
in attracting, retaining, and rewarding key employees of the company; enable
such employees to acquire or increase an equity interest in the company in order
to align the interest of such employees and the Manager; and provide such
employees with incentives to expend their maximum efforts. Subject to the terms
of the Plan and applicable award agreements, Awards typically vest in 25%
increments on a four-year schedule, and shares of common stock underlying the
Awards are issued after vesting. Shares issued typically must be held for six
months and one day, after which time the stockholder may put them back to the
company, subject to any applicable holding requirements. The fair market value
of the shares of Delaware Investments U.S., Inc., is normally determined as of
each March 31, June 30, September 30 and December 31. The fair market value of
shares of common stock underlying Awards granted on or after December 26, 2008
is determined by an independent appraiser utilizing an appraisal valuation
methodology in compliance with Section 409A of the Internal Revenue Code and the
regulations promulgated thereunder.</font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: serif">Other Compensation</font></font></font> <font size="2" style="FONT-FAMILY: serif">- Portfolio managers may also participate in benefit plans and programs
available generally to all employees.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Ownership of Securities<br></font></font><font size="2" style="FONT-FAMILY: serif">As of May 25, 2010, the portfolio managers of
the Fund did not own any Fund shares.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 9. Purchases of
Equity Securities by Closed-End Management Investment Companies and Affiliated
Purchasers</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Not applicable.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 10. Submission of
Matters to a Vote of Security Holders</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Not applicable.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 11. Controls and
Procedures</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>The registrant&#8217;s principal executive
officer and principal financial officer have evaluated the registrant&#8217;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></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>There were no significant changes in
the registrant&#8217;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&#8217;s fourth fiscal quarter) that have
materially affected, or are reasonably likely to materially affect, the
registrant&#8217;s internal control over financial reporting.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">Item 12.
Exhibits</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td align="left" nowrap valign="top" width="1%"><font size="2">(a)</font></td>
            <td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: serif">(1)&#160; </font></td>
            <td valign="top" width="98%"><font size="2">Code of Ethics</font></td>
          </tr><tr>
            <td align="left" nowrap width="1%"><font size="2">&#160;</font></td>
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">&#160;</font></td>
            <td width="98%"><font size="2">&#160; </font></td>
          </tr><tr>
            <td align="left" width="1%">
            </td>
            <td align="left" width="1%">
            </td>
            <td valign="top" width="98%"><font size="2">Not applicable.</font></td>
          </tr><tr>
            <td align="left" width="1%">&#160;</td>
            <td align="left" width="1%">&#160;</td>
            <td width="98%"><font size="2">&#160;&#160; </font></td>
          </tr><tr>
            <td align="left" width="1%">
            </td>
            <td align="left" valign="top" width="1%"><font size="2">(2)</font></td>
            <td valign="top" width="98%"><font size="2">Certifications of Principal
      Executive Officer and Principal Financial Officer pursuant to Rule 30a-2
      under the Investment Company Act of 1940 are attached hereto as Exhibit
      99.CERT.</font></td>
          </tr><tr>
            <td align="left" width="1%">&#160;</td>
            <td align="left" width="1%"><font size="2">&#160;</font></td>
            <td width="98%"><font size="2">&#160; </font></td>
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            <td align="left" valign="top" width="1%"><font size="2">(3)</font></td>
            <td valign="top" width="98%"><font size="2">Written solicitations to purchase
      securities pursuant to Rule 23c-1 under the Securities Exchange Act of
      1934.</font></td>
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            <td align="left" colspan="2" valign="top" width="99%"><font size="2">Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002 are furnished herewith as Exhibit
99.906CERT.</font></td>
          </tr></table>
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    <div><br><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">SIGNATURES </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf, by the
undersigned, thereunto duly authorized.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Name of Registrant</font></font><font size="2" style="FONT-FAMILY: serif">: Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font><font size="2" style="FONT-FAMILY: serif"> National Municipal Income Fund</font></div>
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    <div>&#160;</div>
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<tr valign="bottom">
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            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">By:&#160;&#160;&#160;&#160;Patrick P. Coyne</font></td>
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            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Title: Chief Executive Officer</font>&#160;&#160; </td>
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            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Date: May 27, 2010</font></td>
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    <div align="left"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </font></div>
    <div>&#160;</div>
    <div>
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<tr valign="bottom">
            <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">PATRICK P.
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<tr valign="bottom">
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<DESCRIPTION>CERTIFICATION
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    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">EXHIBIT 99.CERT</font></font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">CERTIFICATION</font></font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">I, Patrick P. Coyne,
certify that:</font></div>
    <div>&#160;</div>
    <div>
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<tr>
            <td nowrap valign="top" style="PADDING-TOP: 2pt"><font size="2" style="FONT-FAMILY: serif">1.</font></td>
            <td nowrap valign="top"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">I have reviewed this report on Form N-CSR of Delaware
      Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font><font size="2" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font></font><font size="2" style="FONT-FAMILY: serif">National Municipal Income
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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      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>
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            <td colspan="5" valign="top">&#160; </td>
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            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">disclosed in this report any change in the registrant&#8217;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&#8217;s internal
      control over financial reporting; and</font></td>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">The registrant's other certifying officer(s) and I have disclosed
      to the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent
    functions):</font></td>
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            <td colspan="5" valign="top">&#160;</td>
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            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">all
      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant's ability to record,
      process, summarize, and report financial information; and</font></td>
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            <td valign="top">&#160;</td>
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            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">any
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      employees who have a significant role in the registrant's internal control
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            <td colspan="5" valign="top">&#160; </td>
          </tr></table>
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    <div>
    </div>
    <div>&#160;</div>
    <div>
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<tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Date: May 27, 2010</font></td>
          </tr><tr>
            <td width="100%">&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">PATRICK P.
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            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">By:&#160;&#160;&#160;&#160;Patrick P. Coyne</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Title: Chief Executive Officer </font></td>
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    </div>
    <div>
    </div>
    <div>&#160;</div>
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    <div>&#160;</div>
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    </div>
    <div>&#160;</div>
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    </div><br>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">CERTIFICATION</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"> </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">I, Richard Salus,
certify that:</font></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">I have reviewed this report on Form N-CSR of Delaware
      Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font><font size="2" style="FONT-FAMILY: serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font></font><font size="2" style="FONT-FAMILY: serif">National Municipal Income
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          </tr><tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">2.</font></td>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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            </td>
            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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>
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          </tr><tr>
            <td valign="top">&#160;</td>
            <td valign="top">
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      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>
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            <td align="right" nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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 colspan="5" valign="top">&#160; </td>
          </tr><tr>
            <td valign="top">&#160;</td>
            <td valign="top">
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            <td align="right" nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">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
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      evaluation; and</font></td>
          </tr><tr>
            <td colspan="5" valign="top">&#160;</td>
          </tr><tr>
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            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">disclosed in this report any change in the registrant&#8217;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&#8217;s internal
      control over financial reporting; and</font></td>
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            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">The registrant's other certifying officer(s) and I have disclosed
      to the registrant's auditors and the audit committee of the registrant's
      board of directors (or persons performing the equivalent
    functions):</font></td>
          </tr><tr>
            <td colspan="5" valign="top">&#160;</td>
          </tr><tr>
            <td valign="top">&#160;</td>
            <td valign="top">
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            <td align="right" nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">all
      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant's ability to record,
      process, summarize, and report financial information; and</font></td>
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            <td colspan="5" valign="top">&#160;</td>
          </tr><tr>
            <td valign="top">&#160;</td>
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            <td align="right" nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">(b)</font></td>
            <td align="right" nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">any
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      employees who have a significant role in the registrant's internal control
      over financial reporting.</font></td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="10%" style="">
<tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Date: May 27, 2010</font></td>
          </tr><tr>
            <td width="100%">&#160;&#160; </td>
          </tr><tr valign="bottom">
            <td align="left" width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">RICHARD SALUS</font> </td>
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            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">By:&#160;&#160;&#160; Richard Salus</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Title: Chief Financial Officer</font></td>
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    </div>
    <div align="left">
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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exhibit99-906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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    <title>exhibit99-906cert.htm</title>
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    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">EXHIBIT 99.906CERT</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 </font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">In connection with the
attached report of the registrant on Form N-CSR to be filed with the Securities
and Exchange Commission (the &#8220;Report&#8221;), each of the undersigned officers of the
registrant does hereby certify, to the best of such officer&#8217;s knowledge,
that:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">1.</font></td>
            <td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">The
      Report fully complies with the requirements of Section 13(a) or Section
      15(d) of the Securities Exchange Act of 1934; and</font></td>
          </tr><tr>
            <td colspan="3" valign="top">&#160;</td>
          </tr><tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">2.</font></td>
            <td nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">The
      information contained in the Report fairly represents, in all material
      respects, the financial condition and results of operations of the
      registrant as of, and for, the periods presented in the
  Report.</font></td>
          </tr></table>
    </div>
    <div align="left">&#160;</div>
    <div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: May 27, 2010</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="10%" style="">
<tr valign="bottom">
            <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">PATRICK P.
      COYNE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">By:&#160;&#160;&#160; Patrick P. Coyne</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Title: Chief Executive Officer</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="10%" style="">
<tr valign="bottom">
            <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: serif">RICHARD
    SALUS</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">By:&#160;&#160;&#160; Richard Salus</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: serif">Title: Chief Financial
Officer&#160;</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: serif">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></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div>&#160;</div><br></body>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
