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<SEC-DOCUMENT>0001206774-10-001904.txt : 20100827
<SEC-HEADER>0001206774-10-001904.hdr.sgml : 20100827
<ACCEPTANCE-DATETIME>20100827105449
ACCESSION NUMBER:		0001206774-10-001904
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100630
FILED AS OF DATE:		20100827
DATE AS OF CHANGE:		20100827
EFFECTIVENESS DATE:		20100827

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		101042367

	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-Q
<SEQUENCE>1
<FILENAME>delmunicipalincomefund_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
<html>
<head>
    <title>delmunicipalincomefund_nq.htm</title>
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<body bgcolor="#ffffff"><br>
    <div align="center"><font size="2" style="FONT-FAMILY: times new roman">UNITED STATES
<br></font><font size="2" style="FONT-FAMILY: times new roman">SECURITIES AND EXCHANGE
COMMISSION<br>Washington, DC 20549 </font></div>
    <div>&#160;</div>
    <div align="center"><font size="2" style="FONT-FAMILY: times new roman">FORM N-Q </font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF<br>REGISTERED MANAGEMENT INVESTMENT COMPANY </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="49%"><font size="2" style="FONT-FAMILY: times new roman">Investment Company Act file number:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">811-07410</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Exact name of registrant as specified in charter:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Delaware Investments National</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Municipal Income Fund</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Address of principal executive offices:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Name and address of agent for service:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">David F. Connor, Esq.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Registrant&#8217;s telephone number, including area code:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">(800) 523-1918</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Date of fiscal year end:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">March 31</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="50%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Date of reporting period:</font></td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">June 30, 2010</font></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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Item 1. Schedule of Investments.
</font></font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: times new roman">Schedule of Investments </font></font><font size="3" style="FONT-FAMILY: times new roman">(Unaudited)</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman"> </font></font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">Delaware Investments National Municipal Income
Fund</font></font></div>
    <div>&#160;</div>
    <div align="justify"><font size="2">June 30, 2010</font></div>
    <div>&#160;</div>
    <div align="justify">
    </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="87%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%">
            </td>
            <td align="left" nowrap width="2%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
            <td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></font></td>
            <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
            <td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Value</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211;
98.15%</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211;
      14.63%</font></font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Brazos, Texas
      Harbor Industrial Development Environmental Facilities Revenue</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Dow Chemical Project) 5.90% 5/1/38 (AMT)</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: times new roman">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">125,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">123,765</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Buckeye, Ohio Tobacco Settlement Financing Authority Asset-Backed
      Senior Turbo Series A-2</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 5.875% 6/1/47</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">320,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">229,478</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6.50% 6/1/47</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">130,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">102,471</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Chesapeake,
      Virginia Economic Development Authority Pollution Control
Revenue</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Virginia Electric &amp; Power Project) Series A 3.60% 2/1/32</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">518,215</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Clayton County, Georgia Development Authority Special Facilities
      Revenue (Delta Airlines)</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series B 9.00% 6/1/35
      (AMT)</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">208,062</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Golden State, California Tobacco
      Securitization Settlement Revenue</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Asset-Backed Senior Notes) Series A-1 5.125% 6/1/47</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">370,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">239,305</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Gulf Coast Waste Disposal Authority, Texas
      Environmental Facilities Revenue (BP Products North America)</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 2.30% 1/1/26</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">70,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">62,025</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 2.30% 1/1/42</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">35,000</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">31,012</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Harris County, Texas Industrial
      Development Solid Waste Disposal Revenue</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="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Deer Park Refining Project) 5.00% 2/1/23</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">153,479</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Hawaii State Department Budget &amp; Finance Special Purpose
      Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Hawaiian Electric Subsidiary)
      6.50% 7/1/39</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">290,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">315,961</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Iowa Finance Authority Pollution Control
      Facilities Revenue Refunding (Interstate Power) 5.00% 7/1/14
    (FGIC)</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">535,795</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Louisiana Local Government Environmental Facilities &amp; Community
      (Westlake Chemical)</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.50%
8/1/29</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">250,194</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">M-S-R Energy Authority, California Gas
      Revenue Series A</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      6.125% 11/1/29</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">115,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">121,226</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      6.50% 11/1/39</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">210,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">226,220</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>New York City, New York Industrial Development
      Agency Special Facilities Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (American Airlines - JFK
      International Airport) 7.625% 8/1/25 (AMT)</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">450,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">462,911</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Air Quality Development
      Authority Revenue (First Energy Generation) Series A 5.70%
8/1/20</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">279,170</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Economic Development Financing Authority Exempt
      Facilities Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Allegheny Energy Supply)
      7.00% 7/15/39</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">345,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">386,952</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Selma, Alabama Industrial Development
      Board Revenue Gulf Opportunity Zone</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (International Paper) Series A 5.80% 5/1/34</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">445,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">450,211</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%">&#160;</td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">4,696,452</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211;
      10.77%</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Bowling Green, Ohio Student Housing Revenue (CFP I - State
      University Project) 6.00% 6/1/45</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">270,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">264,954</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities
      Development Authority School Facilities Revenue</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Aspire Public Schools) 6.125% 7/1/46</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">265,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">265,260</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities Development Authority Student
      Housing Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Irvine, LLC - UCI East
      Campus) 6.00% 5/15/23</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">470,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">499,624</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Marietta, Georgia Development Authority
      Revenue Refunding</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Life University Income Project) 7.00% 6/15/39</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">430,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">426,293</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Student Housing
    Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (University of Maryland
      College Park Projects) 5.75% 6/1/33</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">370,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">374,906</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp;
      Educational Facilities Authority Revenue (Nichols College
    Project)</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series C 6.125% 10/1/29</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">249,273</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Montgomery County, Pennsylvania Higher Education &amp; Health
      Authority Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Arcadia University) 5.25%
      4/1/30</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">550,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">552,871</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Jersey Economic Development
      Authority Revenue MSU Student Housing</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Provident Group &#8211; Montclair LLC) 5.875% 6/1/42</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">215,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">216,997</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania State Higher Educational Facilities Authority
      Revenue</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Edinboro University
      Foundation) 5.80% 7/1/30</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">302,262</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Troy, New York Capital Resource Revenue
      (Rensselaer Polytechnic) Series A 5.125% 9/1/40</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="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">305,817</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">3,458,257</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bond &#8211;
      1.88%</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Electric Power Authority Revenue Series XX 5.25%
      7/1/40</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">600,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">603,246</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" 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="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" 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: times new roman">603,246</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Health Care Revenue Bonds &#8211;
      18.08%</font></font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Brevard County, Florida Health Care
      Facilities Authority Revenue (Heath First Income Project)</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="3%" 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="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series B 7.00% 4/1/39</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">90,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">99,335</font></td>
          </tr></table>
    </div>
    <div align="justify"><br></div>
    <div>&#160;</div>
    <div align="justify">
    </div>
    <div>&#160;</div>
    <hr align="center" noshade size="1" width="100%">
    <div>
    </div>
    <div>&#160;</div>
    <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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Butler County, Pennsylvania Hospital
      Authority Revenue (Butler Health System Project) 7.125% 7/1/29</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">169,514</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Hawaii Pacific Health Special Purpose Revenue Series A 5.50%
      7/1/40</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">296,094</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Illinois Finance Authority Revenue
      (Silver Cross &amp; Medical Centers) 7.00% 8/15/44</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">319,863</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Lycoming County, Pennsylvania Authority Health System
    Revenue</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Susquehanna Health System
      Project) Series A 5.50% 7/1/28</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">505,660</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County, Arizona Industrial
      Development Authority Health Facilities Revenue</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Catholic Healthcare West) Series A 6.00% 7/1/39</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">225,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">237,976</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp; Education Facilities Authority
      Revenue</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Caregroup) Refunding Series
      E-2 5.375% 7/1/19</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">360,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">385,844</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Montana Facilities Finance Authority
      Revenue (Sisters Leavenworth) Series A 5.25% 1/1/40</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">315,819</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">New Hampshire Health &amp; Education Facilities Authority
      Revenue</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Dartmouth-Hitchcock Medical
      Center) 6.00% 8/1/38</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">318,750</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Mexico State Hospital Equipment Loan
      Council Revenue (Presbyterian Healthcare) 5.00% 8/1/39</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">502,515</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Hospital Facilities Revenue Refunding (Cleveland Clinic
      Health) Series A 5.50% 1/1/39</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">316,017</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Orange County, Florida Health Facilities
      Authority Revenue (Orlando Regional Healthcare)</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 6.25% 10/1/18 (NATL-RE)</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,470,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,674,932</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona Industrial Development Authority Hospital
      Revenue Refunding</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Scottsdale Healthcare) Series
      A 5.00% 9/1/23</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">360,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">362,545</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Mary Hospital Authority Pennsylvania
      Health System Revenue (Catholic Health East)</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.00% 11/15/40</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">298,590</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">5,803,454</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds &#8211;
      6.41%</font></font></td>
            <td align="left" nowrap width="4%" 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="90%"><font size="1" style="FONT-FAMILY: times new roman">California Housing Finance Agency Revenue (Home Mortgage) Series M
      5.95% 8/1/25 (AMT)</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">261,298</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Florida Housing Finance Agency
      (Homeowner Mortgage) Series 2 5.90% 7/1/29 (NATL-RE) (AMT)</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">280,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">283,276</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Volusia County, Florida Multifamily Housing Finance Authority (San
      Marco Apartments)</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.60% 1/1/44 (AGM)
      (AMT)</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,500,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,512,975</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,057,549</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds &#8211;
    0.33%</font></font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Capital Area
      Cultural Education Facilities Finance Texas Revenue</font></td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Roman Catholic Diocese) Remarketing Series B 6.125% 4/1/45</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">105,715</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">105,715</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211;
      2.57%</font></font></td>
            <td align="left" nowrap width="4%" 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="90%"><font size="1" style="FONT-FAMILY: times new roman">Idaho Board Bank Authority Revenue Series A 5.00% 9/15/28</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">272,730</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Fiscal 2003 Subordinate Series I-1 5.375% 4/1/36</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">269,793</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Fiscal 2009 Subordinate Series A-1 5.25% 8/15/21</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">282,602</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">825,125</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded/Escrowed to Maturity Bond &#8211;
      1.63%</font></font></td>
            <td align="left" nowrap width="4%" 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="90%"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Puerto Rico Sales Tax Financing Corporation
      Sales Tax Revenue Series B 5.00% 8/1/39-11</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">524,010</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">524,010</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211;
      21.22%</font></font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Brooklyn Arena Local Development, New
      York Pilot Revenue</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Barclays Center Project) 6.50% 7/15/30</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">324,045</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">California State Economic Recovery Series A 5.25% 7/1/21</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">290,618</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Jacksonville, Florida Sales Tax Revenue
      (Better Jacksonville) 5.00% 10/1/30 (NATL-RE)</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">700,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">712,341</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Jacksonville, Florida Transportation Revenue Refunding 5.25%
      10/1/29 (NATL-RE)</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,034,680</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Manchester, Missouri Tax Increment &amp;
      Transportation Revenue Refunding</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      (Highway 141/Manchester Road Project) 6.875% 11/1/39</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">165,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">166,619</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Miami-Dade County, Florida Special Obligation (Capital Appreciation
      &amp; Income)</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.00% 10/1/35
      (NATL-RE)</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,004,420</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York State Dormitory Authority State
      Personal Income Tax Revenue-Education</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.00% 3/15/38</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">570,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">602,085</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">New York State Thruway Authority (State Personal Income Tax
      Revenue-Transportation)</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00%
    3/15/22</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">425,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">475,783</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing Sales
      Tax Revenue First Subordinate</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      5.75% 8/1/37</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">255,187</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      &#937;(Capital Appreciation) 6.75% 8/1/32</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">610,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">494,387</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series C 6.00% 8/1/39</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">295,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">315,237</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">^Wyandotte County, Kansas City Kansas Unified Government Special
      Obligation Revenue</font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Capital Appreciation) Sales
      Tax Subordinate Lien Series B 6.07% 6/1/21</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">138,850</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">6,814,252</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds &#8211;
      7.09%</font></font></td>
            <td align="left" nowrap width="4%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="4%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California State Various Purposes 6.00%
      4/1/38</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">111,748</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">New York State Refunding Series A 5.00% 2/15/39</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">314,103</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth (Public
      Improvement) Refunding</font></td>
            <td align="left" nowrap width="4%" 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="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.50% 7/1/19 (NATL-RE)</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,250,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,347,450</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      Series C 6.00% 7/1/39</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">211,682</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="1" 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="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Virginia State Commonwealth Refunding
      Series B 5.00% 6/1/20</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </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: times new roman">289,973</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%">
            </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: times new roman">2,274,956</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211;
      11.73%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" 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="92%"><font size="1" style="FONT-FAMILY: times new roman">Bay Area Toll Authority, California Toll Bridge Authority Revenue
      (San Francisco Bay Area) Series F-1 5.625% 4/1/44</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">235,000</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: times new roman">256,423</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Florida Ports Financing Commission
      Revenue (State Transportation Trust Fund)</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" 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="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 6/1/27 (NATL-RE)
      (AMT)</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">1,000,060</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Revenue (Transportation
      Facilities Project)</font></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="92%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.75%
      6/1/35</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">255,000</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: times new roman">260,398</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Metropolitan Washington D.C. Airports
      Authority Dulles Toll Road Revenue (First Senior Lien)</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" 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="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.25%
      10/1/44</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">245,000</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: times new roman">255,746</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Turnpike Commission Revenue</font></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="92%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate Series B
      5.25% 6/1/39</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">313,455</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate Series D
      5.125% 12/1/40</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">390,000</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: times new roman">401,583</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Sacramento County, California Airport
      Services Revenue (PFC/Grant) Subordinate Series C 6.00% 7/1/41</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">320,811</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">St. Louis, Missouri Airport Revenue (Lambert-St Louis
      International) Series A-1 6.625% 7/1/34</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">346,177</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Texas Private Activity Bond Surface
      Transportation Senior Lien Notes</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" 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="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LBJ Infrastructure)
      7.00% 6/30/40</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">285,000</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: times new roman">288,018</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Mobility Partners) 7.50%
      12/31/31</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">324,552</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%">&#160;</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: times new roman">3,767,223</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211;
      1.81%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="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>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Atlanta, Georgia Water &amp; Wastewater Revenue Series A 6.25%
      11/1/39</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">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: times new roman">327,678</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Florida Water Pollution Control
      Financing Revenue Series A 5.00% 1/15/25</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">235,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">253,090</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%">
            </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: times new roman">580,768</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds (cost
      $30,097,437)</font></font></td>
            <td align="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">&#160;</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: times new roman">31,511,007</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%">&#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" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investment &#8211;
      0.62%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="white"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Variable Rate Demand Note &#8211;
      0.62%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Allegheny County
      Hospital Development Authority (Children&#8217;s Hospital Pittsburgh)</font></td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 0.28% 6/1/35
      (LOC - PNC Bank N.A.)</font></td>
            <td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investment (cost
      $200,000)</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></font></td>
          </tr><tr>
            <td colspan="5" width="100%" bgcolor="white">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211;
      98.77%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(cost
    $30,297,437)</font></td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="left" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="right" nowrap width="3%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">31,711,007</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of
      Liabilities (See Notes) &#8211; 1.23%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">396,080</font></font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 2,422,200
      Shares Outstanding &#8211; 100.00%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="silver">
            </td>
            <td align="right" nowrap width="1%" bgcolor="silver">
            </td>
            <td align="right" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
            <td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">32,107,087</font></font></td>
          </tr></table>
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman"><font face="Symbol">W</font>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.<br></font><font size="1" style="FONT-FAMILY: times new roman">^Zero coupon security. The rate shown is the
yield at the time of purchase.<br></font><font size="1" style="FONT-FAMILY: times new roman"><font size="2">&#8226;</font>Variable rate security. The rate shown is the rate
as of June 30, 2010. Interest rates reset periodically. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Summary of
Abbreviations:<br></font></font><font size="1" style="FONT-FAMILY: times new roman">AGM &#8211;
Insured by Assured Guaranty Municipal Corporation<br></font><font size="1" style="FONT-FAMILY: times new roman">AMT &#8211; Subject to Alternative Minimum
Tax<br>FGIC &#8211; Insured by the Financial Guaranty Insurance Company<br>LOC &#8211;
Letter of Credit<br></font><font size="1" style="FONT-FAMILY: times new roman">NATL-RE &#8211;
Insured by the National Public Finance Guarantee Corporation </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td width="100%" style="BORDER-TOP: #000000 1pt solid">&#160;</td>
          </tr></table>
    </div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: times new roman">Notes</font></font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">1. Significant Accounting Policies
<br></font></font><font size="1" style="FONT-FAMILY: times new roman">The following
accounting policies are in accordance with U.S. generally accepted accounting
principles (U.S. GAAP) and are consistently followed by the Delaware Investments
National Municipal Income Fund (Fund). This report covers the period of time
since the Fund&#8217;s last fiscal year end.</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Security Valuation</font><font size="1"> </font></font><font size="1" style="FONT-FAMILY: times new roman">&#8211; 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 the Fund&#8217;s Board of Trustees (Board). In determining whether market
quotations are readily available or fair valuation will be used, various factors
will be taken into consideration, such as market closures or suspension of
trading in a security. </font></div>
    <div>&#160;</div>
    <div align="justify"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Federal Income Taxes</font><font size="1"> </font></font><font size="1" style="FONT-FAMILY: times new roman">&#8211; No provision for
federal income taxes has been made as the Fund intends to continue to qualify
for federal income tax purposes as a regulated investment company under
Subchapter M of the Internal Revenue Code of 1986, as amended, and make the
requisite distributions to shareholders. The Fund evaluates tax positions taken
or expected to be taken in the course of preparing the Fund&#8217;s 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
</font><font size="1" style="FONT-FAMILY: times new roman">more-likely-than-not threshold
are recorded as a tax benefit or expense in the current year. Management has
analyzed the Fund&#8217;s 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 Fund&#8217;s financial statements.
</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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Use of Estimates &#8212; </font></font><font size="1" style="FONT-FAMILY: times new roman">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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Other </font></font><font size="1" style="FONT-FAMILY: times new roman">&#8212;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">
</font></font></font><font size="1" style="FONT-FAMILY: times new roman">Expenses directly
attributable to the Fund are charged directly to the 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: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font></font><font size="1" style="FONT-FAMILY: times new roman">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. The 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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2. Investments<br></font></font><font size="1" style="FONT-FAMILY: times new roman">At June 30, 2010, the cost of investments for
federal income tax purposes has been estimated since final tax characteristics
cannot be determined until fiscal year end. At June 30, 2010, the cost of
investments and unrealized appreciation (depreciation) for the Fund were as
follows: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cost of investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,297,437</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized appreciation</font></td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,509,573</font></td>
            <td align="left" nowrap width="1%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized
    depreciation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(96,003</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized appreciation</font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,413,570</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr></table>
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">For federal income
tax purposes, at March 31, 2010, capital loss carryforwards of $2,649,375 may be
carried forward and applied against future capital gains. Such capital loss
carryforwards will expire as follows: $18,596 in 2016, $1,770,984 in 2017, and
$859,795 in 2018. </font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">U.S. GAAP defines
fair value as the price that the Fund would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market participants at
the measurement date 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's own assumptions about the assumptions that
market participants would use in pricing the asset or liability developed based
on the best information available under the circumstances. The 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 level hierarchy of
inputs is summarized below. </font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">Level 1 &#8211; inputs are
quoted prices in active markets</font></div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">Level 2 &#8211; inputs are
observable, directly or indirectly</font></div>
    <div><font size="1" style="FONT-FAMILY: times new roman">Level 3 &#8211; inputs are unobservable
and reflect assumptions on the part of the reporting entity</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">The following table
summarizes the valuation of the Fund&#8217;s investments by fair value hierarchy
levels as of June 30, 2010: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="95%">
            </td>
            <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Level
    2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">31,511,007</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Short-Term</font></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: times new roman">200,000</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">31,711,007</font></td>
          </tr></table>
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">There were no Level 3
securities at the beginning or end of the period. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">3. Credit and Market
Risk<br></font></font><font size="1" style="FONT-FAMILY: times new roman">The Fund
concentrates its 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, 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 Fund. At June 30, 2010, 31% of the Fund&#8217;s net assets were insured by bond
insurers. These securities have been identified in the schedule of investments.
</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">The Fund invests a
portion of its 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="justify"><font size="1" style="FONT-FAMILY: times new roman">The Fund 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 "current refunding".
"Advance refunded bonds" 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
</font><font size="1" style="FONT-FAMILY: times new roman">bond. Bonds are "escrowed to
maturity" 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>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">Bonds are considered
"pre-refunded" when the refunding issue's proceeds are escrowed only until a
permitted call date or dates on the refunded issue with the refunded issue being
redeemed at the time, including any required premium. Bonds become "defeased"
when the rights and interests of the bondholders and of their lien on the
pledged revenues or other security under the terms of the bond contract are
substituted with an alternative source of revenues (the escrow securities)
sufficient to meet payments of principal and interest to maturity or to the
first call dates. Escrowed secured bonds will often receive a rating of AAA from
Moody'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>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: times new roman">The 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 the 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, the Fund&#8217;s Board has delegated to Delaware Management Company, a
series of Delaware Management Business Trust, the day-to-day functions of
determining whether individual securities are liquid for purposes of the 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
Fund&#8217;s 15% limit on investments in illiquid securities. As of June 30, 2010,
there were no Rule 144A securities and no securities have been determined to be
illiquid under the Fund&#8217;s Liquidity Procedures. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">4. Investments in Municipal Securities Issued
by the Sate of Florida<br></font></font><font size="1" style="FONT-FAMILY: times new roman">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 uninsured
municipal securities issued by states other than Florida. The Fund&#8217;s portfolio
managers began to transition the Fund&#8217;s portfolio to include uninsured municipal
bonds issued by other states and territories on October 15, 2007. As of June 30,
2010, municipal bonds issued by the state of Florida constitute approximately
27% 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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">5. Subsequent Events <br></font></font><font size="1" style="FONT-FAMILY: times new roman">Management has determined no material events
or transactions occurred subsequent to June 30, 2010 that would require
recognition or disclosure in the Fund's schedule of investments.</font><font size="1" style="FONT-FAMILY: times new roman"> </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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Item 2. Controls and
Procedures.</font></font></div>
    <div>&#160;</div>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: times new roman">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="justify"><font size="2" style="FONT-FAMILY: times new roman"><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 registrant&#8217;s last 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="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Item 3. Exhibits. </font></font></div>
    <div>&#160;</div>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: times new roman">File as exhibits as part of this Form a
separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)), exactly as set forth below:</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>exhibit99-cert.htm</title>
<!-- Licensed to: DG3 I Docs, Inc.-->
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<body bgcolor="#ffffff"><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="justify"><font size="2" style="FONT-FAMILY: serif">I, Patrick P. Coyne,
certify that: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" style="TEXT-ALIGN: justify; ">
<tr>
            <td nowrap valign="top">
              <div align="justify"><font size="2" style="FONT-FAMILY: serif">1.</font></div>
            </td>
            <td nowrap valign="top"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td colspan="3" valign="top" width="100%"><font size="2">I have reviewed this
      report on Form N-Q of Delaware Investments National Municipal <font style="FONT-FAMILY: serif">Income Fund;</font></font></td>
          </tr><tr>
            <td nowrap valign="top">
            </td>
            <td nowrap valign="top">
            </td>
            <td colspan="3" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">2.</font></td>
            <td nowrap valign="top">
            </td>
            <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>
          </tr><tr>
            <td colspan="5" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">3.</font></td>
            <td nowrap valign="top">
            </td>
            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">Based on my knowledge, the schedules of investments included in
      this report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">4.</font></td>
            <td nowrap valign="top">
            </td>
            <td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s other certifying officer(s) and I are responsible
      for establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top">&#160;</td>
            <td nowrap valign="top">
            </td>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">(a)</font></td>
            <td nowrap valign="top"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the registrant, including
      its consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top">&#160;</td>
            <td nowrap valign="top">
            </td>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">(b)</font></td>
            <td 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" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top">&#160;</td>
            <td nowrap valign="top">
            </td>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">(c)</font></td>
            <td nowrap valign="top">
            </td>
            <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: serif">Evaluated the effectiveness of the registrant&#8217;s disclosure controls
      and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of a date
      within 90 days prior to the filing date of this report, based on such
      evaluation; and</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%">&#160;</td>
          </tr><tr>
            <td nowrap valign="top">&#160;</td>
            <td nowrap valign="top">
            </td>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: serif">(d)</font></td>
            <td nowrap valign="top">
            </td>
            <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 registrant&#8217;s
      most recent fiscal quarter that has materially affected, or is reasonably
      likely to materially affect, the registrant&#8217;s internal control over
      financial reporting; and</font></td>
          </tr></table>
    </div><br>
    <div style="TEXT-ALIGN: justify">
      <table border="0" cellpadding="0" cellspacing="0" style="TEXT-ALIGN: justify; ">
<tr style="TEXT-ALIGN: justify;">
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">5.</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s other certifying
      officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit
      committee of the registrant&#8217;s board of directors (or persons performing
      the equivalent functions):</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(a)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><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&#8217;s ability to record, process, summarize, and report financial
      information; and</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(b)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">Any fraud, whether or not material, that
      involves management or other employees who have a significant role in the
      registrant&#8217;s internal control over financial
  reporting.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="20%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td colspan="2" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2">/S/ PATRICK P. COYNE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">By:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Title:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Chief Executive Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Date:&#160;&#160; </font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">August 24, 2010</font></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="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="justify"><font size="2" style="FONT-FAMILY: serif">I, Richard Salus,
certify that: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
            <td nowrap valign="top">
              <div align="justify"><font size="2" style="FONT-FAMILY: serif">1.</font></div>
            </td>
            <td nowrap valign="top"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2">I have reviewed this report on Form N-Q of Delaware Investments
      National Municipal <font style="FONT-FAMILY: serif">Income
      Fund;</font></font></td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">2.</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><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>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">3.</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">Based on my knowledge, the schedules of
      investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal
      quarter for which the report is filed;</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">4.</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s other certifying
      officer(s) and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940) and internal control over financial
      reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
      1940) for the registrant and have:</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(a)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">Designed such disclosure controls and
      procedures, or caused such disclosure controls and procedures to be
      designed under our supervision, to ensure that material information
      relating to the registrant, including its consolidated subsidiaries, is
      made known to us by others within those entities, particularly during the
      period in which this report is being prepared;</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(b)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><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" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(c)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">Evaluated the effectiveness of the
      registrant&#8217;s disclosure controls and procedures and presented in this
      report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of a date within 90 days prior to the filing date of
      this report, based on such evaluation; and</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(d)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><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 registrant&#8217;s most recent fiscal quarter that has materially
      affected, or is reasonably likely to materially affect, the registrant&#8217;s
      internal control over financial reporting;
and</font></td>
          </tr></table>
    </div><br>
    <div style="TEXT-ALIGN: justify">
      <table border="0" cellpadding="0" cellspacing="0" style="TEXT-ALIGN: justify; ">
<tr style="TEXT-ALIGN: justify;">
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">5.</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td colspan="3" valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s other certifying
      officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit
      committee of the registrant&#8217;s board of directors (or persons performing
      the equivalent functions):</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(a)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><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&#8217;s ability to record, process, summarize, and report financial
      information; and</font></td>
          </tr><tr>
            <td colspan="5" valign="top" width="100%" style="TEXT-ALIGN: justify">&#160;</td>
          </tr><tr>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">&#160;</td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">(b)</font></td>
            <td nowrap valign="top" style="TEXT-ALIGN: justify">
            </td>
            <td valign="top" width="100%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: serif">Any fraud, whether or not material, that
      involves management or other employees who have a significant role in the
      registrant&#8217;s internal control over financial
  reporting.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="20%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td colspan="2" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2">/S/ RICHARD SALUS</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">By:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Richard Salus</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Title:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Chief Financial Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Date:&#160;&#160; </font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">August 24, 2010</font></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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: serif">SIGNATURES</font></font></font></div>
    <div>&#160;</div>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </font></div>
    <div>&#160;</div>
    <div align="justify"><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>
      <table border="0" cellpadding="0" cellspacing="0" width="20%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td colspan="2" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2">/S/ PATRICK P. COYNE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">By:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Title:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Chief Executive Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Date:&#160;&#160; </font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">August 24, 2010</font></td>
          </tr></table>
    </div><br>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">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>
      <table border="0" cellpadding="0" cellspacing="0" width="20%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
            <td colspan="2" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2">/S/ PATRICK P. COYNE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">By:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Patrick P. Coyne</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Title:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Chief Executive Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Date:&#160;&#160; </font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">August 24, 2010</font></td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
          </tr><tr>
            <td colspan="2" width="99%">&#160;</td>
          </tr><tr>
            <td colspan="2" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2">/S/ RICHARD SALUS</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">By:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Richard Salus</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Title:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">Chief Financial Officer</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: serif">Date:</font></td>
            <td align="left" nowrap width="98%"><font size="2" style="FONT-FAMILY: serif">August 24, 2010</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%">
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