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<SEC-DOCUMENT>0001206774-11-000345.txt : 20110228
<SEC-HEADER>0001206774-11-000345.hdr.sgml : 20110228
<ACCEPTANCE-DATETIME>20110228155551
ACCESSION NUMBER:		0001206774-11-000345
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110228
DATE AS OF CHANGE:		20110228
EFFECTIVENESS DATE:		20110228

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:		11645954

	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>dinatlmuniincome_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
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    <title>dinatlmuniincome_nq.htm</title>
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<br>
<div align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES<br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</font></div>

<div>&#160;</div>

<div align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM N-Q</font></div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF<br>
REGISTERED MANAGEMENT INVESTMENT COMPANY</font> </font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Investment Company Act file number:</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">811-07410</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174; </font>National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Municipal Income Fund</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">(800) 523-1918</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">March 31</font></td>
</tr><tr>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="49%">&#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="1%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">December 31, 2010</font></td>
</tr></table>
</div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</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 align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">&#160; </font></font></div>

<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">Schedule of Investments (Unaudited)</font></font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund</font></font></font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">December 31, 2010</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="91%">&#160;</td>
<td align="left" colspan="2" nowrap width="4%"><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%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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="91%">&#160;</td>
<td align="left" colspan="2" nowrap width="4%"><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;</td>
<td align="left" colspan="2" nowrap width="4%"><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="91%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 97.74%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211; 16.16%</font></font></td>
<td align="left" nowrap width="1%">&#160;</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="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font>Brazos, Texas Harbor Industrial Development Environmental Facilities Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" 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="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">125,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">120,781</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><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="1%">&#160;</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="91%"><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="1%">&#160;</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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">209,610</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><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="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">430,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">309,875</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Golden State, California Tobacco Securitization Settlement Revenue (Asset-Backed Senior Notes)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A-1 5.125% 6/1/47</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">370,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">224,509</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><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="1%">&#160;</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="91%"><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="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">149,442</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Hawaii State Department Budget &amp; Finance Special Purpose Revenue (Hawaiian Electric Subsidiary)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6.50% 7/1/39</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">290,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,716</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Illinois Finance Authority Revenue (Navistar International Recovery Zone) 6.50% 10/15/40</font></td>
<td align="left" nowrap width="1%">&#160;</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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">270,216</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Iowa Finance Authority Pollution Control Facilities Revenue Refunding (Interstate Power)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 7/1/14 (FGIC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">532,324</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Louisiana Local Government Environmental Facilities &amp; Community Development Authority</font></td>
<td align="left" nowrap width="1%">&#160;</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="91%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A-1 6.50% 11/1/35</font></td>
<td align="left" nowrap width="1%">&#160;</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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">254,006</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Westlake Chemical) Series A 6.50% 8/1/29</font></td>
<td align="left" nowrap width="1%">&#160;</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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">244,694</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Port Facilities Revenue Refunding (CNX Marine Terminals)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 5.75% 9/1/25</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">175,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">167,307</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><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="1%">&#160;</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="91%"><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="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">115,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">115,950</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><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="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">210,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">219,261</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font>New York City, New York Industrial Development Agency Special Facilities Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="#c0c0c0"><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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">450,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">467,843</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">New York Liberty Development 5.625% 7/15/47</font></td>
<td align="left" nowrap width="1%">&#160;</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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">300,306</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><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="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">261,893</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">345,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">372,317</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Railsplitter Tobacco Settlement Authority Illinois 6.25% 6/1/24</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">507,979</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">5,029,029</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211; 12.50%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">270,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">247,382</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities Development Authority School Facility Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><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="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">265,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">240,493</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities Development Authority Student Housing Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">470,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">479,485</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Marietta, Georgia Development Authority Revenue Refunding (Life University Income Project)</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 6/15/39</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">430,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">409,188</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Student Housing Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">370,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">354,530</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp; Educational Facilities Authority Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Nichols College Project) Series C 6.125% 10/1/29</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">243,588</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Michigan Finance Authority Educational Facilities Revenue (Senior St. Catherine Siena)</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A 8.00% 10/1/30</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">165,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">172,451</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><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="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><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="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">550,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">520,630</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">215,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">205,944</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Oregon State Facilities Authority Revenue (Concordia University Project) Series A 6.125% 9/1/30</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">135,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">134,148</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania State Higher Educational Facilities Authority Student Housing Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">288,495</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; (Universities Properties &#8211; Edinboro University) 5.25% 7/1/19</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">308,700</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><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="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">285,294</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3,890,328</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="silver"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bond &#8211; 1.80%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="91%" bgcolor="white"><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="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">600,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">560,040</font></td>
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<td align="left" nowrap width="91%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">560,040</font></td>
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<font size="1" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds &#8211; 16.94%</font></font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Brevard County, Florida Healthcare Facilities Authority Revenue (Health First Income Project)</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
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<td align="left" nowrap width="89%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">90,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">96,991</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">163,926</font></td>
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<td align="left" nowrap width="89%"><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="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">278,202</font></td>
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<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">314,997</font></td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Lycoming County, Pennsylvania Authority Health System Revenue (Susquehanna Health Systems Project)</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 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="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">491,190</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">230,258</font></td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp; Education Facilities Authority Revenue (Caregroup) Refunding</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 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="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">380,804</font></td>
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<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Hampshire Health &amp; Education Facilities Authority Revenue (Dartmouth-Hitchcock Medical Center)</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 8/1/38</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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">315,159</font></td>
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<td align="left" nowrap width="89%"><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%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">472,405</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">307,605</font></td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Orange County, Florida Health Facilities Authority Revenue (Orlando Regional Healthcare) Series A</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6.25% 10/1/18 (NATL-RE)</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,160,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,310,105</font></td>
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<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Philadelphia Hospitals &amp; Higher Education Facilities Authority Revenue (Temple University Health System)</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.50% 7/1/30</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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">270,780</font></td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona Industrial Development Authority Hospital Revenue Refunding (Scottsdale Healthcare)</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
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<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 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="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">365,936</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#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">274,821</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">5,273,179</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds &#8211; 7.12%</font></font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="89%"><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">245,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">245,265</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California Municipal Finance Authority Mobilehome Park Revenue (Caritas Projects)</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.40% 8/15/45</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">230,000</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">214,845</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><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%"><font size="1" style="FONT-FAMILY: times new roman">270,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">273,086</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,500,000</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#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">1,484,415</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,217,611</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bond &#8211; 0.32%</font></font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font>Capital Area Cultural Education Facilities Finance Texas Revenue (Roman Catholic Diocese)</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Remarketing Series B 6.125% 4/1/45</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">100,298</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#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">100,298</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211; 1.71%</font></font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">256,850</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#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">274,200</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">531,050</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211; 17.80%</font></font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Anne Arundel County Maryland Special Obligation (National Business Park &#8211; North Project)</font></td>
<td align="left" nowrap width="4%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 6.10% 7/1/40</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">187,818</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Brooklyn Arena Local Development, New York Pilot Revenue (Barclays Center Project)</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">312,888</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">California State Economic Recovery Refunding 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="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">279,828</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,860</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><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%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><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%"><font size="1" style="FONT-FAMILY: times new roman">165,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">158,885</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><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%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,860,380</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><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%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%"><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%"><font size="1" style="FONT-FAMILY: times new roman">570,000</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">569,538</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" 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="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">247,465</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver"><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="silver"><font size="1" style="FONT-FAMILY: times new roman">610,000</font></td>
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">481,619</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver"><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="silver"><font size="1" style="FONT-FAMILY: times new roman">295,000</font></td>
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">302,104</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><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%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><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%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">138,746</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">5,540,131</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds &#8211; 8.61%</font></font></td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">California State 5.25% 11/1/40</font></td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">820,000</font></td>
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">766,741</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><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="white"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">107,351</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver"><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%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">301,077</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth (Public Improvement) Refunding</font></td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
</tr><tr>
<td align="left" nowrap width="89%" bgcolor="white"><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 nowrap width="4%" bgcolor="white" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">1,250,000</font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="4%" bgcolor="white" style="TEXT-ALIGN: right"><font size="1">1,302,950</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="white"><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="white"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td nowrap width="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right">&#160;<font size="1">202,388</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="89%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td nowrap width="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right"><font size="1">2,680,507</font></td>
</tr></table>
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<tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 13.30%</font></font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Bay Area Toll Authority, California Toll Bridge Authority Revenue (San Francisco Bay Area)</font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Series F-1 5.625% 4/1/44</font></td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">235,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">241,056</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><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="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</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; 5.375% 6/1/27 (NATL-RE) (AMT)</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">970,260</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Revenue (Transportation Facilities Project) Series A 5.75% 6/1/35</font></td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">255,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">240,950</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><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="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</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; Series A 5.25% 10/1/44</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">243,826</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Turnpike Commission Revenue</font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Subordinate Series B 5.25% 6/1/39</font></td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">293,484</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Subordinate Series D 5.125% 12/1/40</font></td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">390,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">374,154</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Port Authority of New York &amp; New Jersey Special Obligation Revenue (JFK International Air Terminal)</font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</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; 6.00% 12/1/42</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">230,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">228,434</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Regional Transportation District, Colorado Denver Transportation 6.00% 1/15/41</font></td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">295,476</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Sacramento County, California Airport Services Revenue (PFC/Grant) Series C 6.00% 7/1/41</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">311,919</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><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%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">325,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">331,763</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Texas Private Activity Bond Surface Transportation Senior Note</font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</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; (LBJ Infrastructure) 7.00% 6/30/40</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">285,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">289,537</font></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; (Mobility Partners) 7.50% 12/31/31</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">317,481</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,138,340</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211; 1.48%</font></font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><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%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">318,891</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><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="silver"><font size="1" style="FONT-FAMILY: times new roman">135,000</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">142,255</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">461,146</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">Total Municipal Bonds (cost $30,345,663)</font></font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">30,421,659</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160; </font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</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">Total Value of Securities &#8211; 97.74%</font></font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</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; (cost $30,345,663)</font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">30,421,659</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities (See Notes) &#8211; 2.26%</font></font></td>
<td align="left" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">702,065</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="silver"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 2,422,200 Shares Outstanding &#8211; 100.00%</font></font></td>
<td align="left" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">31,123,724</font></font></td>
</tr></table>
</div>

<br>
<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">&#937;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 size="2" style="FONT-FAMILY: Times New Roman">&#8226;</font></font><font size="1" style="FONT-FAMILY: Times New Roman">Variable rate security. The rate shown is the rate as of December 31, 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>
</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>
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<tr>
<td align="left" nowrap width="100%" style="BORDER-TOP: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">Notes</font></font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">1. Significant Accounting Policies<br>
</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Security Valuation <font size="1" style="FONT-FAMILY: Times New Roman">&#8211;</font></font></font></font> <font size="1" style="FONT-FAMILY: Times New Roman">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 mar
ket closures or suspension of trading in a security.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman"><font size="4"><font size="5"><font size="4"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="4"><font size="2" style="FONT-FAMILY: Times New Roman">Federal Income Taxes &#8211;</font></font></font></font></font></font></font></font></font></font> <font size="1" style="FONT-FAMILY: Times New Roman">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; o
f being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the 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>

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<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Use of Estimates <font size="1" style="FONT-FAMILY: Times New Roman">&#8211;</font></font></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 and disclosure of contingent 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 and the differences could be material.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Other &#8211;</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> Family of Funds are 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 s
ecurities. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">2. Investments<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">At December 31, 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 December 31, 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="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cost of investments</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,345,663</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="94%"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized appreciation</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">671,982</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="94%" 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="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(595,986</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="94%"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized appreciation</font></td>
<td align="left" 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="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">75,996</font></td>
<td align="left" nowrap width="1%">&#160;</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 expires in 2016, $1,770,984 expires in 2017, and $859,795 expires 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">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td nowrap valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">Level 1 &#8211;&#160;</font></td>
<td align="left" valign="top" width="99%">
<div align="justify"><font size="1" style="FONT-FAMILY: times new roman">inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)</font></div>
</td>
</tr><tr>
<td nowrap valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">Level 2 &#8211;</font></td>
<td align="left" valign="top" width="99%">
<div align="justify"><font size="1" style="FONT-FAMILY: times new roman">other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)</font></div>
</td>
</tr><tr>
<td nowrap valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">Level 3 &#8211;</font></td>
<td align="left" valign="top" width="99%"><font size="1" style="FONT-FAMILY: times new roman">inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)</font></td>
</tr></table>

<font size="1" style="FONT-FAMILY: Times New Roman">&#160;<br>
The following table summarizes the valuation of the Fund&#8217;s investments by fair value hierarchy levels as of December 31, 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%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%"><font size="1" style="BORDER-BOTTOM: black 1pt solid; 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="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">30,421,659</font></td>
</tr></table>
</div>

<br>
<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">There were no Level 1 or Level 3 securities at the beginning or end of the period.</font></div>

<div>&#160;</div>

<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">During the period ended December 31, 2010, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">3. Credit and Market Risk<br>
</font></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 December 31, 2010, 28% 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 may invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard &amp; Poor's (S&amp;P) and Baa3 by Moody's Investor Services (Moody's), or similarly rated by another nationally recognized statistical rating organization. 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>

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<br>
<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 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>

<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 o
f December 31, 2010, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund's Liquidity Procedures.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">4. Investments in Municipal Securities Issued by the State of Florida</font><br>
</font></font><font size="1" style="FONT-FAMILY: Times New Roman">On September 13, 2007, shareholders of the Fund (formerly Delaware Investments Florida Insured Municipal Income Fund) approved (1) the elimination of the Fund&#8217;s fundamental investment policy that required the Fund to invest primarily in insured municipal securities issued by the State of Florida and (2) the adoption of a new fundamental investment policy permitting the Fund to invest in un-insured municipal securities issued by states other than Florida. The Fund&#8217;s portfolio managers began to transition the Fund&#8217;s portfolio to include un-insured municipal bonds issued by other states and territories on October 15, 2007. As of December 31, 2010, municipal bonds issued by the state of Florida constitute approximately 19% 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="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">5. Proposed Reorganization</font><br>
</font></font><font size="1" style="FONT-FAMILY: Times New Roman">On November 19, 2010, the Board of Trustees/Directors of the Fund and Delaware Investments Arizona Municipal Income Fund, Inc. (NYSE Amex: VAZ) ("Arizona Muni Fund," together with the Fund, the "Funds") announced their approval of the reorganization of Arizona Muni Fund into the Fund. Under the terms of the proposed reorganization, the Fund would acquire substantially all of the Arizona Muni Fund&#8217;s assets in exchange for newly issued shares of beneficial interest of the Fund. Those shares of the Fund would then be distributed pro rata to Arizona Muni Fund&#8217;s shareholders, and the Arizona Muni Fund would subsequently be liquidated and dissolved. Common shares of Arizona Muni Fund would be exchanged for common shares of the Fund based on the relative net asset values of each Fund&#8217;s common shares. These transactions, which are expected to be tax-free, are subject to the approval of the Agreement and Plan of Acquisition by each Fu
nd&#8217;s shareholders (which includes the Fund&#8217;s approval of the issuance of new common shares). The Funds&#8217; joint special shareholders meeting to consider the reorganization is now scheduled to take place on May 23, 2011.</font></div>

<div>&#160;</div>

<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">In addition, on February 18, 2011, the Board of Trustees of the Fund announced its decision to conduct a tender offer after shareholder approval and completion of the reorganization of Arizona Muni Fund into the Fund. Under the terms of the proposed tender offer, the Fund would offer to purchase for cash up to 18% of the then-outstanding shares of the Fund&#8217;s common stock after the reorganization (&#8220;Common Stock&#8221;) at a per share price equal to 99% of the net asset value per share of the Common Stock at the expiration of the tender offer. It is currently anticipated that the tender offer would commence within three months after the closing date of the reorganization of Arizona Muni Fund into the Fund. Please refer to the Funds&#8217; press release for more information.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">6. Subsequent Events<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">Management has determined no other material events or transactions occurred subsequent to December 31, 2010 that would require recognition or disclosure in the Fund's schedule of investments.</font></div>

<div>&#160;</div>

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<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; <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" style="FONT-FAMILY: Times New Roman">&#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"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>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>

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<div><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="center" colspan="5" valign="top" width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">CERTIFICATION</font></font></font></td>
</tr><tr valign="bottom">
<td align="center" colspan="5" valign="top" width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160; &#160;</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="5" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">I, Patrick P. Coyne, certify that: </font></td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="3" valign="top" width="98%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-Q of Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> National Municipal Income Fund;</font></td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="3" valign="top" width="98%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="3" valign="top" width="98%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#160;<font style="FONT-FAMILY: times new roman">4.</font></font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="3" valign="top" width="98%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(c)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(d)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160; </td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">5.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="3" valign="top" width="98%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160; </td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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 align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="96%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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>

<div align="justify">&#160;&#160;&#160; </div>

<div align="justify">
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date:&#160;</font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">February 28, 2011</font></td>
</tr></table>
</div>

<div align="justify">&#160;&#160;&#160;&#160; </div>

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<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="center" colspan="6" valign="top" width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">CERTIFICATION</font></font></font></td>
</tr><tr valign="bottom">
<td align="center" colspan="6" valign="top" width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160; </font></td>
</tr><tr valign="bottom">
<td align="left" colspan="5" valign="top" width="67%"><font size="2" style="FONT-FAMILY: times new roman">I, Richard Salus, certify that:</font></td>
<td align="left" valign="top" width="33%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="5" valign="top" width="67%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160; </font></td>
<td align="left" valign="top" width="33%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td align="left" valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" colspan="4" valign="top" width="98%"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-Q of Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> National Municipal Income Fund;</font></td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160; </td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="63%">&#160;</td>
<td align="left" valign="top" width="33%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="4" valign="top" width="98%" style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">Based&#160;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></div>
</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160; </td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="63%">&#160; </td>
<td align="left" valign="top" width="33%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="4" valign="top" width="98%" style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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></div>
</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160; </td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="63%">&#160; </td>
<td align="left" valign="top" width="33%">&#160;</td>
</tr><tr>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">4.</font></td>
<td align="left" valign="top" width="1%">&#160;</td>
<td colspan="4" valign="top" width="98%" style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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></div>
</td>
</tr><tr>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160; </td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="63%">&#160; </td>
<td align="left" valign="top" width="33%">&#160;</td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="63%">&#160; </td>
<td align="left" valign="top" width="33%">&#160;</td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
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<td colspan="2" valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" colspan="2" valign="top" width="96%">&#160; </td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
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<td colspan="2" valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" colspan="2" valign="top" width="96%">&#160; </td>
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<td align="left" valign="top" width="1%">&#160;</td>
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<td align="left" colspan="2" valign="top" width="96%"><font size="2" style="FONT-FAMILY: times new roman">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>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" colspan="2" valign="top" width="96%">&#160; </td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
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<td colspan="2" valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" colspan="2" valign="top" width="96%">&#160; </td>
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<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
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<td colspan="2" valign="top" width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: times new roman">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>
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<div align="justify">&#160;&#160;&#160; </div>

<div align="justify">
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">RICHARD SALUS</font></td>
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<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font></td>
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<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Chief Financial Officer</font></td>
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<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date: </font></td>
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<div>&#160;</div>

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<br>
<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">SIGNATURES</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">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: Times New Roman">Delaware Investments</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> National Municipal Income Fund; </font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Date: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">February 28, 2011</font></td>
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<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
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<td align="left" nowrap width="10%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
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<td align="left" nowrap width="10%"><font size="2" style="FONT-FAMILY: times new roman">Date: </font></td>
<td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: times new roman">February 28, 2011</font></td>
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<td align="left" nowrap width="10%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</td>
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<td align="left" nowrap width="10%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</td>
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