<SEC-DOCUMENT>0001206774-11-001333.txt : 20110603
<SEC-HEADER>0001206774-11-001333.hdr.sgml : 20110603
<ACCEPTANCE-DATETIME>20110603131037
ACCESSION NUMBER:		0001206774-11-001333
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110603
DATE AS OF CHANGE:		20110603
EFFECTIVENESS DATE:		20110603

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		11891072

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>deinvestmunibond_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>
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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">UNITED STATES SECURITIES AND EXCHANGE COMMISSION </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">Washington, D.C. 20549 </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">FORM N-CSR </font></div>

<div>&#160;</div>

<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br>
INVESTMENT COMPANIES </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Investment Company Act file number: 811-07410 </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Exact name of registrant as specified in charter:<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> National Municipal Income Fund </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Address of principal executive offices:<br>
2005 Market Street<br>
Philadelphia, PA 19103 </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Name and address of agent for service:<br>
David F. Connor, Esq. <br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">2005 Market Street <br>
Philadelphia, PA 19103</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Registrant&#8217;s telephone number, including area code: (800) 523-1918 </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Date of fiscal year end: March 31 </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Date of reporting period: March 31, 2011 </font></div>

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<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 1. Reports to Stockholders </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0">&#160;</td>
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</tr><tr>
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<td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff"><font size="5">&#160;&#160;&#160;&#160;</font> Annual Report</font></td>
<td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0">&#160;<br>
&#160;</td>
<td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap valign="top" width="50%" bgcolor="#c0c0c0">
<div align="left"><font color="#ffffff" size="6" style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Delaware<br>
&#160;&#160;&#160;&#160; Investments<br>
&#160;&#160;&#160;&#160; Closed-End<br>
&#160;&#160;&#160;&#160; Municipal Bond<br>
&#160;&#160;&#160;&#160; Funds</font></div>
</td>
<td align="left" nowrap valign="top" width="49%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">March 31, 2011</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="middle" width="50%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap valign="top" width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" colspan="2" nowrap width="99%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">&#160;</font></td>
<td align="left" valign="top" width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">&#160;</font></td>
<td align="left" valign="top" width="49%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap rowspan="4" valign="top" width="50%" bgcolor="#c0c0c0">
<div><font color="#ffffff" size="4"><br>
&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div><font color="#ffffff" size="4">&#160;</font></div>

<div>&#160;</div>
</td>
<td align="left" valign="top" width="49%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 3pt">
<div>&#160;</div>
</td>
<td align="left" rowspan="2" valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" valign="bottom" width="49%" bgcolor="#c0c0c0"><font color="#ffffff" size="2"><br>
<font color="#000000"><font color="#ffffff">The figures in the annual report for Delaware Investments Closed-End Municipal Bond Funds represent past results, which are not a guarantee of future results. A rise or fall in interest rates can have a significant impact on bond prices. Funds that invest in bonds can lose their value as interest rates rise.</font></font></font></td>
</tr><tr valign="bottom">
<td align="left" rowspan="3" valign="top" width="49%" bgcolor="#c0c0c0"><br>
</td>
<td align="left" valign="top" width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
</tr><tr>
<td align="left" rowspan="2" valign="top" width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%" bgcolor="#c0c0c0"><font color="#ffffff" size="4">&#160;</font></td>
</tr><tr>
<td colspan="2" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr>
<td colspan="2" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="5">Closed-end funds</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-LEFT: 30pt; ">
<tr>
<td valign="bottom" width="50%"><img src="deinvestmunibond1.jpg" alt=""></td>
<td valign="bottom" width="50%">&#160;</td>
</tr></table>
</div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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<br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Table of contents</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Portfolio management review</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">1</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Fund basics</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">4</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Sector/State allocations</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">5</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Statements of net assets</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">7</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Statements of operations</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">21</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Statements of changes in net assets</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">22</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Financial highlights</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">23</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Notes to financial statements</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">27</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Report of independent registered public accounting firm</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">34</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Other Fund information</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">35</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; Board of trustees/directors and officers addendum</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">39</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&gt; About the organization</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">42</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman"><br>
&#160;</font></div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

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<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Management Holdings, Inc., and its subsidiaries (collectively known by the marketing name of </font><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services. For more information, including press releases, please visit www.delawareinvestments.com.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Unless otherwise noted, views expressed herein are current as of March 31, 2011, and subject to change. Information is as of the date indicated and subject to change.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Investments in Delaware Investments Closed-End Municipal Bond Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#169;<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font>2011 Delaware Management Holdings, Inc.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">All third-party trademarks cited are the property of their respective owners.</font></div>

<div>&#160;</div>

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<br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Portfolio management review</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">April 12, 2011</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Performance preview</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">The fiscal year ended March 31, 2011 was generally volatile for the Funds (and for investors in tax-exempt debt in general). Municipal bonds were under considerable selling pressure during the later parts of the fiscal year, driven primarily by fears about the credit worthiness of the municipal bond market, as well as technical developments that affected bond supply. Despite a fiscal year that ended in a flurry of headwinds, municipal bonds posted a cumulative gain of slightly more than 1.5% for the period (as measured by the Barclays Capital Municipal Bond Index).</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">National economic environment</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">During the fiscal year, the U.S. economy continued to emerge from its biggest downturn in seven decades, albeit relatively slowly. As the Funds&#8217; fiscal year got under way, U.S. economic growth softened, with gross domestic product (a measure of the economy&#8217;s production of goods and services) slipping from an annualized rate of 3.7% in the first quarter of 2010 to just 1.7% in the second quarter. The grim economic situation was reflected in the national unemployment rate, which stood at 9.7% at the start of the fiscal year.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Several factors contributed to sluggish economic performance, among them:</font></div>

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<li><font size="2" style="FONT-FAMILY: Times New Roman">Many investors focused their attention on the high</font> <font size="2" style="FONT-FAMILY: Times New Roman">levels of sovereign debt across the developed world</font> <font size="2" style="FONT-FAMILY: Times New Roman">(and particularly in Greece), fearing that reductions</font> <font size="2" style="FONT-FAMILY: Times New Roman">in government spending could exacerbate declining</font> <font size="2" style="FONT-FAMILY: Times New Roman">economic growth.<br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">The U.S. housing market&#8217;s glut of supply continued to</font> <font size="2" style="FONT-FAMILY: Times New Roman">weigh on home prices in many parts of the country.<br>
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<li><font size="2" style="FONT-FAMILY: Times New Roman">State and local governments, whose spending makes</font> <font size="2" style="FONT-FAMILY: Times New Roman">up a sizeable component of GDP, largely cut back</font> <font size="2" style="FONT-FAMILY: Times New Roman">expenditures to meet big budget shortfalls.</font> </li>
</ul>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">GDP data moderately improved as the fiscal year went on, with the economy growing at an annual rate of 2.6% in the third quarter of 2010 and 2.8% in the final three months of that year. The employment picture, while still generally challenging, began to improve as well, finishing the Funds&#8217; fiscal year at 8.9%.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Data: Bloomberg, Lipper, U.S. Department of Commerce</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Municipal market trends</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">For the first two quarters of the Funds&#8217; fiscal year, the municipal bond market enjoyed relatively strong performance, echoing the positive trends of 2009. The municipal bond market benefited from several factors, including:</font></div>

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<li><font size="2" style="FONT-FAMILY: Times New Roman">Low inflation and declining interest rates provided a</font> <font size="2" style="FONT-FAMILY: Times New Roman">generally favorable climate for fixed-income securities.<br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">The popular Build America Bond (BAB) program</font> <font size="2" style="FONT-FAMILY: Times New Roman">continued to divert supply away from the traditional</font> <font size="2" style="FONT-FAMILY: Times New Roman">tax-exempt bond market and toward the taxable</font> <font size="2" style="FONT-FAMILY: Times New Roman">bond market.</font><br>
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<li><font size="2" style="FONT-FAMILY: Times New Roman">In this environment of reduced supply of tax-exempt</font> <font size="2" style="FONT-FAMILY: Times New Roman">securities, demand remained strong, especially for</font> <font size="2" style="FONT-FAMILY: Times New Roman">lower-rated, higher-yielding issues.</font> </li>
</ul>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">In November 2010, conditions in the tax-exempt bond market deteriorated suddenly, as many investors became increasingly concerned about the potential for inflation to put downward pressure on bond prices. Concerns were heightened by several developments, including the Federal Reserve&#8217;s announcement that it would engage in another round of quantitative easing, in which it plans to purchase $600 billion of Treasury securities, in order to further spur economic growth.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Meanwhile, several other events inhibited the municipal bond market:</font></div>

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<li><font size="2" style="FONT-FAMILY: Times New Roman">With the BAB program facing expiration at the end of</font> <font size="2" style="FONT-FAMILY: Times New Roman">2010, many investors realized that supply of tax-exempt</font> <font size="2" style="FONT-FAMILY: Times New Roman">bonds could potentially increase markedly.<br>
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<li><font size="2" style="FONT-FAMILY: Times New Roman">Negative sentiment grew about the fiscal health of state</font> <font size="2" style="FONT-FAMILY: Times New Roman">and local governments.</font> </li>
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<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Portfolio management review</font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Delaware Investments Closed-End Municipal Bond Funds</font></font></font></div>

<ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 16px">
<li><font size="2" style="FONT-FAMILY: Times New Roman">Significant gains in the number of Republican seats in</font> <font size="2" style="FONT-FAMILY: Times New Roman">Congress led many investors to envision a less friendly</font> <font size="2" style="FONT-FAMILY: Times New Roman">environment for federal aid to help states manage their</font> <font size="2" style="FONT-FAMILY: Times New Roman">budget challenges.</font><br>
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<li><font size="2" style="FONT-FAMILY: Times New Roman">An extension of Bush-era tax cuts led some investors to</font> <font size="2" style="FONT-FAMILY: Times New Roman">view the tax advantage of municipal bonds less favorably.</font> </li>
</ul>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">This confluence of factors precipitated dramatic investment outflows from municipal bond funds in the final months of 2010 and early 2011, reversing the tremendous inflows seen during the market&#8217;s run-up in much of 2010. In turn, these outflows put downward pressure on municipal bond prices.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Fund positioning</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">When the Funds&#8217; fiscal year began, we maintained a modest emphasis on lower-rated, longer-dated securities, using our research capabilities to help identify those securities we believed offered good value relative to their risk. This approach generally worked well; within each of the Funds, these types of securities generally added to performance.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Unfortunately, this approach hampered the Funds&#8217; returns relative to their benchmark index when market conditions deteriorated in the final months of the fiscal year. As investors&#8217; confidence in the tax-exempt bond market generally waned, securities with heightened credit risk (such as lower-rated bonds) or interest-rate risk (namely, bonds with longer maturity dates) underperformed their higher-rated, shorter-dated counterparts.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">As the Funds&#8217; fiscal year came to a close, we faced the need to make a decision about current market conditions &#8212; whether to treat them as a passing storm or as a fundamental change that warranted a shift in approach. We concluded that the increased volatility in the municipal bond environment at least required us to position the Funds somewhat more conservatively. This resulted in an increased focus on intermediate-maturity bonds with higher credit ratings, and a reduction of exposure to longer-dated, lower-rated bonds where appropriate.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Performance effects</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Our conservative positioning was consistent with our overall philosophy of managing the Funds with an emphasis on preserving principal. We were willing to be somewhat more conservative than some other municipal bond managers (perhaps sacrificing a bit of performance potential) in an attempt to avoid greater losses during particularly difficult market downturns.</font></div>

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<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On an individual security basis, the Funds often saw good results from the types of bonds that outperformed for the fiscal year; namely, bonds with shorter maturities and relatively higher credit ratings. Within</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware Investments Arizona Municipal Income Fund, Inc.,</font></font> <font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for instance, bonds with relatively shorter maturities led the way, including bonds issued by the University of Arizona (maturing in 2018) as well as housing bonds issued by the City of Phoenix (maturing in 2020).</font></font></div>

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<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Leading contributors also included prerefunded bonds, which are very high-quality, short-duration bonds. (When a bond is prerefunded, the issuer has secured the bond&#8217;s principal value by holding some type of risk-free asset &#8212; typically Treasurys &#8212; in an escrow account). Within </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.,</font></font> <font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">prerefunded bonds issued by the University of Denver and by the Denver Convention Center Hotel Authority were among the Fund&#8217;s leading contributors.</font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Similar to the Colorado Fund,</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</font></font> <font size="2" style="FONT-FAMILY: Times New Roman">benefited from holdings in prerefunded bonds that raised money for civic projects, as bonds for the St. Paul civic center were among its strongest contributors.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Leading contributors within</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund</font></font> <font size="2" style="FONT-FAMILY: Times New Roman">included bonds issued in New York that were backed by American Airlines (in an arrangement commonly known as an industrial development revenue bond) and an energy bond issued in Iowa by the state&#8217;s Authority for Interstate Power. Both bonds advanced by more than 5%.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">2</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Across all four Funds, the weakest contributors to overall return included bonds issued by the Commonwealth of Puerto Rico. These bonds, which are widely held and are highly liquid, came under tremendous selling pressure during the last half of the Funds&#8217; fiscal year. In a sense, the characteristics that make Puerto Rico bonds desirable were the very characteristics that worked against them: They became the instrument of choice for municipal bond investors seeking to raise cash. (This was particularly true for mutual fund managers who needed to satisfy investor redemptions.) The resulting decline in bond prices was widespread and difficult to control, and it was a good example of the dislocation that municipal markets were suffering through.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">As in prior reporting periods, we continued to follow our basic investment philosophy and management approach. We believe successful municipal bond investing requires rigorous credit analysis. In our opinion, there is no substitute for thorough credit research. On a bond-by-bond basis, we scrutinize each security we include in the Funds to help ensure our comfort level with its financial position and to feel confident that, in our view, any risks are more than offset by the potential income provided by the bond.</font></div>

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<div align="right"><font size="2" style="FONT-FAMILY: Times New Roman">3</font></div>

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<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Fund basics</font></div>

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<td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></font></td>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Arizona Municipal Income Fund, Inc.</font></font></div>
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<div align="left"><font size="1" style="FONT-FAMILY: times new roman">As of March 31, 2011</font></div>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund objective</font></font></td>
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<td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">The Fund seeks to provide current income exempt from both regular federal income tax and from Arizona state personal income tax, consistent with the preservation of capital.</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Fund net assets</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">$40 million</font></td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Number of holdings</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">60</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund start date</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">Feb. 26, 1993</font></td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">CUSIP number</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">246100101</font></td>
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<td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></font></td>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Colorado Municipal Income Fund, Inc.</font></font></div>
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<div align="left"><font size="1" style="FONT-FAMILY: times new roman">As of March 31, 2011</font></div>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund objective</font></font></td>
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<td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state personal income tax, consistent with the preservation of capital.</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Fund net assets</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">$65 million</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Number of holdings</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">62</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund start date</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">July 29, 1993</font></td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">CUSIP&#160;number</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">246101109</font></td>
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<td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></font></td>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Municipal Income Fund II, Inc.</font></font></div>
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<div align="left"><font size="1" style="FONT-FAMILY: times new roman">As of March 31, 2011</font></div>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund objective</font></font></td>
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<td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota state personal income tax, consistent with the preservation of capital.</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Fund net assets</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">$158 million</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Number of holdings</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">103</font></td>
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<td align="left" nowrap width="100%">&#160;</td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund start date</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">Feb. 26, 1993</font></td>
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<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">CUSIP&#160;number</font></font></td>
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<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">24610V103</font></td>
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<td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></font></td>
</tr><tr>
<td align="left" nowrap width="100%" style="LINE-HEIGHT: 12pt">
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">National Municipal Income Fund</font></font></div>
</td>
</tr><tr>
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr>
<td align="left" nowrap width="100%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">As of March 31, 2011</font></div>
</td>
</tr><tr>
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund objective</font></font></td>
</tr><tr>
<td width="100%" style="LINE-HEIGHT: 12pt; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Fund net assets</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">$31 million</font></td>
</tr><tr>
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Number of holdings</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">80</font></td>
</tr><tr>
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fund start date</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">Feb. 26, 1993</font></td>
</tr><tr>
<td align="left" nowrap width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">CUSIP&#160;number</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: times new roman">24610T108</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">4</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman">Sector/State allocations</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">As of March 31, 2011</font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sector designations may be different than the sector designations presented in other Fund materials.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Arizona Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="95%">&#160;</td>
<td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Percentage</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Sector</font></td>
<td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of Net Assets</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">93.71</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">6.13</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">11.93</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">11.00</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">17.28</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bond</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">0.48</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">6.50</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">5.71</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3.28</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">15.34</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bond</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.81</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">6.17</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">9.08</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="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">4.52</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">98.23</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1.77</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Net Assets</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Minnesota Municipal Income Fund II, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="95%">&#160;</td>
<td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Percentage</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Sector</font></td>
<td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of Net Assets</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">98.57</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">5.78</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">9.68</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">8.55</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">18.84</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">7.96</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">6.33</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">10.13</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded/Escrowed to Maturity Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">20.51</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">4.08</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bond</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.70</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">5.09</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bond</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.92</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="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">0.57</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">99.14</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">0.86</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Net Assets</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Colorado Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="95%">&#160;</td>
<td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Percentage</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Sector</font></td>
<td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of Net Assets</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">94.95</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bond</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">1.17</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">20.05</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">7.00</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">10.18</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">2.69</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5.14</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">8.41</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">15.76</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">11.34</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5.54</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">2.50</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">5.17</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="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">3.56</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">98.51</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1.49</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Net Assets</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">5</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#ffffff"><font color="#b2b2b2">Sector/State allocations</font></font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sector designations may be different than the sector designations presented in other Fund materials.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" 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="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="95%">&#160;</td>
<td colspan="4" nowrap width="5%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Percentage</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Sector</font></td>
<td colspan="4" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of Net Assets</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">94.07</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">10.56</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">14.08</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">15.72</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">6.39</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">2.41</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3.73</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">20.08</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5.74</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">11.45</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3.91</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="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">4.58</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">98.65</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1.35</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Net Assets</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="77%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">State</font></td>
<td align="right" colspan="4" nowrap width="23%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(as a % of fixed income investments)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.93</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">California</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">8.78</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.90</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Florida</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">22.89</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Georgia</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2.36</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Hawaii</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">0.87</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Illinois</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2.65</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Iowa</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">1.79</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Kansas</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.47</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Louisiana</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">0.85</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3.11</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">7.50</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Missouri</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2.42</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">New Hampshire</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">1.04</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Jersey</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2.75</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">New Mexico</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">1.49</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">13.72</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Ohio</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">3.72</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Oregon</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.44</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">9.94</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.73</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">Texas</font></td>
<td align="right" nowrap width="11%">&#160;</td>
<td align="right" nowrap width="10%"><font size="1" style="FONT-FAMILY: times new roman">2.85</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Virginia</font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2.04</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Washington D.C.</font></td>
<td align="right" nowrap width="11%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="10%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.76</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="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total</font></font></td>
<td align="right" nowrap width="11%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="10%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">6</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Arizona Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 93.71%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" colspan="4" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211; 6.13%</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County Pollution</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Control Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Public Service - Palo Verde Project)</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 5.20% 6/1/43</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">491,035</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Navajo County Pollution Control</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Public Service -</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cholla Project) Series D</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75% 6/1/34</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">500,000</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">544,660</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pima County Industrial Development</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Pollution Control Revenue</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Tucson Electric Power)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75% 9/1/29</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">250,000</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">247,718</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.95% 10/1/20</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">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">481,255</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 10/1/40</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">400,000</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">346,416</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Salt Verde Financial Senior Gas</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue 5.00% 12/1/37</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">400,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">327,896</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">2,438,980</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211; 11.93%</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Board of Regents System</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (University of Arizona)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 6/1/39</font></td>
<td align="left" nowrap width="1%" 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">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">487,790</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series 2008A 5.00% 6/1/18</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">150,000</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">168,881</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Education Facilities Revenue</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Kirksville College)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125% 1/1/30</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">500,000</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">468,195</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Glendale Industrial Development</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue</font></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>
<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>
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<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Midwestern University)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 5/15/31</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">350,000</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">323,232</font></td>
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<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125% 5/15/40</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">300,000</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">274,023</font></td>
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<td align="right" nowrap width="1%">&#160;</td>
<td align="left" colspan="3" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Northern Arizona University Certificates</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" colspan="3" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of Participation (Northern Arizona</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;University Research Projects)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 9/1/30 (AMBAC)</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">1,000,000</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">920,030</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pima County Industrial Development</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Educational Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Tucson Country Day School Project)</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 6/1/37</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">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">356,675</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">South Campus Group Housing</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" colspan="3" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Arizona State University</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;South Campus Project)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.625% 9/1/35 (NATL-RE)</font></td>
<td align="left" nowrap width="1%">&#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">1,000,000</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">931,050</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University of Puerto Rico System</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" colspan="3" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue Series Q 5.00% 6/1/36</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">817,400</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,747,276</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds &#8211; 11.00%</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Electric Power</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series TT 5.00% 7/1/37</font></td>
<td align="left" nowrap width="1%">&#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">100,000</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">83,966</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series WW 5.50% 7/1/38</font></td>
<td align="left" nowrap width="1%">&#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">200,000</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">180,224</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series XX 5.25% 7/1/40</font></td>
<td align="left" nowrap width="1%">&#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">805,000</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">695,480</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series ZZ 5.25% 7/1/26</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">400,000</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">380,612</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Salt River Project Agricultural</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement &amp; Power District</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Electric System Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/31</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">770,000</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">772,433</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/39</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">1,000,000</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">981,520</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 5.00% 1/1/25</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">1,250,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">1,281,837</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,376,072</font></td>
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<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds &#8211; 17.28%</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Banner Health)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series D 5.50% 1/1/21</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">500,000</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">527,600</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Catholic Healthcare West)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series D 5.00% 7/1/28</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">500,000</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">468,625</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Glendale Industrial Development</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Health Facilities Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(John C. Lincoln Health)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 12/1/42</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">1,000,000</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">792,900</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County Industrial</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development Authority Health</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facilities Revenue (Catholic</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Healthcare West) Series A</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 7/1/32</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">400,000</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">367,344</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 7/1/39</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">500,000</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">497,920</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale Industrial Development</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Hospital Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Scottsdale Healthcare)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.25% 9/1/30</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">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">470,400</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">University Medical Center Hospital Revenue</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/33</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">1,000,000</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">858,260</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/35</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">500,000</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">422,435</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.50% 7/1/39</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">500,000</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">509,190</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Yavapai County Industrial Development</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue (Yavapai</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regional Medical Center)</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.25% 8/1/21 (RADIAN)</font></td>
<td align="left" nowrap width="1%" 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">2,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">1,960,819</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">6,875,493</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bond &#8211; 0.48%</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Housing Finance</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Subordinated-Capital</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fund Modernization</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50% 12/1/18</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">175,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">189,186</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">189,186</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds &#8211; 6.50%</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Certificates of Participation</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department Administration Series A</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 10/1/25 (AGM)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">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">510,130</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Game &amp; Fishing Department</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&amp; Commission Revenue</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(AGF Administration Building Project)</font></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>
<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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/26</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">640,000</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">636,237</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Nogales Municipal Development</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue</font></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>
<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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 6/1/30 (AMBAC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">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">457,560</font></td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">7</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
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<br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Statements of net assets</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Delaware Investments Arizona Municipal Income Fund, Inc.</font></font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" nowrap width="86%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></font> <font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="2%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="2%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds</font> <font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Pima County Industrial Development</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue (Metro Police</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Facility - Nevada Project)</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 7/1/31</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">499,955</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 7/1/39</font></td>
<td align="left" nowrap width="2%" 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">500,000</font></td>
<td align="left" nowrap width="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">481,340</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,585,222</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211; 5.71%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">Gila County Unified School District #10</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Payson School Improvement</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project of 2006) Series A</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 7/1/27 (AMBAC)</font></td>
<td align="left" nowrap width="2%">&#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">500,000</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">506,865</font></td>
<td align="right" nowrap width="1%">&#160;</td>
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<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County Elementary</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
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<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Elementary) Series A</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 7/1/13 (AGM)</font></td>
<td align="left" nowrap width="2%" 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">1,250,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">1,365,625</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale 5.00% 7/1/21</font></td>
<td align="left" nowrap width="2%">&#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">350,000</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">397,782</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,270,272</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#167;Pre-Refunded Bonds &#8211; 3.28%</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Salt River Project Agricultural</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement &amp; Power District</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Electric System Revenue Series A</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/31-12</font></td>
<td align="left" nowrap width="2%" 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">230,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">240,341</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">Southern Arizona Capital Facilities</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Finance (University of Arizona</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project) 5.00% 9/1/23-12 (NATL-RE)</font></td>
<td align="left" nowrap width="2%">&#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">1,000,000</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,063,850</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,304,191</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211; 15.34%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Flagstaff Aspen Place at the Sawmill</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement District Revenue</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/32</font></td>
<td align="left" nowrap width="2%" 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">385,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">372,653</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Gilbert Public Facilities Municipal</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Property Revenue 5.00% 7/1/25</font></td>
<td align="left" nowrap width="2%" 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">500,000</font></td>
<td align="left" nowrap width="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">510,465</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Glendale Municipal Property Series A</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/33 (AMBAC)</font></td>
<td align="left" nowrap width="2%" 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">2,000,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">2,000,060</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Marana Tangerine Farms Road</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Improvement District Revenue</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.60% 1/1/26</font></td>
<td align="left" nowrap width="2%" 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">873,000</font></td>
<td align="left" nowrap width="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">827,377</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Peoria Municipal Development</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue (Senior Lien &amp;</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subordinate Lien)</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/18</font></td>
<td align="left" nowrap width="2%" 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">1,085,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">1,196,082</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue First Subordinate Series C</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 8/1/39</font></td>
<td align="left" nowrap width="2%" 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">300,000</font></td>
<td align="left" nowrap width="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">297,225</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Queen Creek Improvement District #1</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/32</font></td>
<td align="left" nowrap width="2%" 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">1,000,000</font></td>
<td align="left" nowrap width="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">899,640</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">6,103,502</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bond &#8211; 0.81%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Public Improvement) Series C</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 7/1/39</font></td>
<td align="left" nowrap width="2%" 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">335,000</font></td>
<td align="left" nowrap width="2%" 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="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">321,774</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">321,774</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 6.17%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Phoenix Civic Improvement</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Airport Revenue</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Junior Lien) Series A 5.25% 7/1/33</font></td>
<td align="left" nowrap width="2%" 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">500,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">489,045</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Senior Lien) Series B 5.25%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7/1/27 (NATL-RE) (FGIC) (AMT)</font></td>
<td align="left" nowrap width="2%" 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">2,000,000</font></td>
<td align="left" nowrap width="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,966,580</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,455,625</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211; 9.08%</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Guam Government Waterworks</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority 5.625% 7/1/40</font></td>
<td align="left" nowrap width="2%" 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">390,000</font></td>
<td align="left" nowrap width="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">336,484</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Phoenix Civic Improvement</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Wastewater Systems</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Junior Lien)</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/19 (NATL-RE)</font></td>
<td align="left" nowrap width="2%" 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">850,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">920,278</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/24 (NATL-RE) (FGIC)</font></td>
<td align="left" nowrap width="2%" 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">1,000,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">1,001,410</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 7/1/39</font></td>
<td align="left" nowrap width="2%" 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">900,000</font></td>
<td align="left" nowrap width="2%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">889,857</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale Water &amp; Sewer Revenue</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/19</font></td>
<td align="left" nowrap width="2%" 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">400,000</font></td>
<td align="left" nowrap width="2%" 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="4%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">463,800</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="2%" 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="2%" 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="4%" bgcolor="silver" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3,611,829</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="white"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds</font></font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="3%" bgcolor="white">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">(cost $38,673,686)</font></td>
<td align="left" nowrap width="2%" 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="2%" bgcolor="white">&#160;</td>
<td nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="4%" bgcolor="white" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">37,279,422</font></font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr>
<td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="86%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments &#8211; 4.52%</font></font></td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#164;Variable Rate Demand Notes &#8211; 4.52%</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">Apache County Industrial</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development Authority Revenue</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.22% 12/15/18</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LOC-Bank of New York)</font></td>
<td align="left" nowrap width="2%">&#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">800,000</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">800,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.22% 7/1/35 (LOC-JPMorgan</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chase Bank)</font></td>
<td align="left" nowrap width="2%">&#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">1,000,000</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investments</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">(cost $1,800,000)</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1,800,000</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211; 98.23%</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">(cost $40,473,686)</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">39,079,422</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
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<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">704,458</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 2,982,200</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Shares Outstanding; Equivalent to</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$13.34 Per Share &#8211; 100.00%</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">39,783,880</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%">&#160; </td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="5" nowrap width="94%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Components of Net Assets at March 31, 2011:</font></font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="5" nowrap width="94%"><font size="1" style="FONT-FAMILY: times new roman">Common stock, $0.01 par value, 200 million shares</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: times new roman">authorized to the Fund</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">40,651,205</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Undistributed net investment income</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">461,800</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Accumulated net realized gain on investments</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">65,139</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized depreciation of investments</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,394,264</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Total net assets</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">39,783,880</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">8</font></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><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr>
<td width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; ">
<tr>
<td align="right" nowrap valign="top" width="1%">
<div align="right"><font size="1" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></font></div>
</td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Variable rate security. The rate shown is the rate as of March 31, 2011. Interest rates reset periodically.</font></div>
</td>
</tr><tr>
<td align="right" nowrap valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#167;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman"><font size="1" style="FONT-FAMILY: times new roman"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in &#8220;Notes to financial statements.&#8221;</font></font></font></div>
</td>
</tr><tr>
<td align="right" nowrap valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#164;</font></td>
<td valign="top" width="99%"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div><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 &#8212; Insured by Assured Guaranty Municipal Corporation<br>
AMBAC &#8212; Insured by AMBAC Assurance Corporation<br>
AMT &#8212; Subject to Alternative Minimum Tax<br>
FGIC &#8212; Insured by Financial Guaranty Insurance Company<br>
LOC &#8212; Letter of Credit<br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">NATL-RE &#8212; Insured by the National Public Finance Guarantee Corporation<br>
RADIAN &#8212; Insured by Radian Asset Assurance</font></div>

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

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">9</font></div>

<div>&#160;</div>

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<!--PART B--><br>
<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 94.95%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bond &#8211; 1.17%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Public Authority for Colorado Energy</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Natural Gas 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 2008 6.50% 11/15/38</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">750,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">755,700</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">755,700</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211; 20.05%</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Boulder County Development 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University Corporation for</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Atmospheric Research)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 9/1/26 (NATL-RE)</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">3,000,000</font></td>
<td align="right" 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">3,001,589</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Board of Governors</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Colorado State University</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; System) Series A 5.00% 3/1/39</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">700,000</font></td>
<td align="right" 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">684,005</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Colorado Educational &amp; Cultural</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Bromley Charter School Project)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 9/15/32 (XLCA)</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">1,000,000</font></td>
<td align="right" 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">921,550</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Johnson &amp; Wales University Project)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 4/1/28 (XCLA)</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">3,000,000</font></td>
<td align="right" 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">2,661,059</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Littleton Charter School Project)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.375% 1/15/36 (CIFG)</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">1,200,000</font></td>
<td align="right" 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">910,188</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Student Housing - Campus</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Village Apartments)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 6/1/23</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">1,065,000</font></td>
<td align="right" 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">1,079,548</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Student Housing - University of</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Northern Colorado) 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 7/1/31 (NATL-RE)</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">2,500,000</font></td>
<td align="right" 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">2,229,125</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University of Colorado Enterprise</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Systems Revenue Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.375% 6/1/38</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">750,000</font></td>
<td align="right" 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">758,835</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Western State College 5.00% 5/15/34</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">750,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">726,968</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">12,972,867</font></td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds &#8211; 7.00%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Springs Utilities System</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Improvement Revenue Series C</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 11/15/48</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">750,000</font></td>
<td align="right" 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">763,913</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Platte River Power 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series HH 5.00% 6/1/28</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,500,000</font></td>
<td align="right" 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">1,559,534</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Electric 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series TT 5.00% 7/1/37</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">685,000</font></td>
<td align="right" 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">575,167</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series WW 5.50% 7/1/38</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" 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">270,336</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series XX 5.25% 7/1/40</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">750,000</font></td>
<td align="right" 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">647,963</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series ZZ 5.25% 7/1/26</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">750,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">713,648</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,530,561</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds &#8211; 10.18%</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Aurora Hospital Revenue (Children&#8217;s</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Hospital Association Project)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 12/1/40</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">500,000</font></td>
<td align="right" 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">438,540</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Health Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Catholic Health Initiatives)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 7/1/39</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">750,000</font></td>
<td align="right" 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">680,550</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series D 6.125% 10/1/28</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">750,000</font></td>
<td align="right" 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">799,823</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Evangelical Lutheran Good</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Samaritan Society)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 6/1/23</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,004,860</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.125% 6/1/38</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">750,000</font></td>
<td align="right" 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">751,095</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Total Longterm Care)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.00% 11/15/30</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">400,000</font></td>
<td align="right" 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">372,940</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Colorado Springs Hospital 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.25% 12/15/33</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">750,000</font></td>
<td align="right" 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">771,705</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Denver Health &amp; Hospital Authority</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Recovery Zone Facilities)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.625% 12/1/40</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">750,000</font></td>
<td align="right" 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">679,545</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">University of Colorado Hospital</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 11/15/37</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">500,000</font></td>
<td align="right" 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">426,845</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 11/15/29</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">650,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">659,555</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">6,585,458</font></td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds &#8211; 2.69%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Housing &amp; Finance</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority (Single Family</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgage &#8211; Class 1) Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 11/1/29 (FHA) (VA) (HUD)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">425,000</font></td>
<td align="right" 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">433,730</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Housing Finance 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subordinated-Capital Fund</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Modernization</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.125% 12/1/27</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">1,000,000</font></td>
<td align="right" 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">981,260</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 12/1/18</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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">324,318</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">1,739,308</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds &#8211; 5.14%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Aurora Certificates of Participation</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 12/1/30</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">630,000</font></td>
<td align="right" 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">629,175</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Glendale Certificates of Participation</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/25 (XLCA)</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">1,500,000</font></td>
<td align="right" 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">1,506,135</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Public Buildings</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (Guaranteed</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Government Facilities)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series M-2 5.50% 7/1/35 (AMBAC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">700,000</font></td>
<td align="right" 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">730,737</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Regional Transportation District</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates of Participation</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.375% 6/1/31</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">460,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">460,294</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">3,326,341</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211; 8.41%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Adams &amp; Arapahoe Counties Joint</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; School District #28J (Aurora)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 12/1/28</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">600,000</font></td>
<td align="right" 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">664,122</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Arapahoe County Water &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Wastewater Public Improvement</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; District 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.125% 12/1/32 (NATL-RE)</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">635,000</font></td>
<td align="right" 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">605,015</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Boulder, Larimer &amp; Weld Counties St.</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vrain Valley School District No. Re-1J</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/15/33</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">750,000</font></td>
<td align="right" 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">763,628</font></td>
</tr></table>
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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">10</font></div>

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<td align="left" nowrap width="88%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
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<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds </font><font size="1" style="FONT-FAMILY: times new roman">(continued)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Bowles Metropolitan District</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/33 (AGM)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,897,239</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Denver City &amp; County School District</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; #1 Series A 5.00% 12/1/29</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">240,000</font></td>
<td align="right" 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">249,526</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Jefferson County Colorado School District</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; #R-1 5.25% 12/15/24</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">750,000</font></td>
<td align="right" 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">846,945</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Sand Creek Metropolitan District</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refunding &amp; Improvement</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/31 (XLCA)</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">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">414,590</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0">&#160;</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" 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">5,441,065</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#167;Pre-Refunded Bonds &#8211; 15.76%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Educational &amp; Cultural</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University of Colorado Foundation</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) 5.00% 7/1/27-12 (AMBAC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3,900,000</font></td>
<td align="right" 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">4,112,589</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University of Denver Project) Series B</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 3/1/35-16 (FGIC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" 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">1,171,650</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Denver Convention Center Hotel</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue Senior Lien 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/33-13 (XCLA)</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">3,000,000</font></td>
<td align="right" 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">3,304,500</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Westminster Building Authority</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates of Participation</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 12/1/22-11 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,555,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">1,604,496</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">10,193,235</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211; 11.34%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Denver Convention Center Hotel</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/35 (XLCA)</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">1,575,000</font></td>
<td align="right" 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">1,220,987</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Denver International Business Center</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Metropolitan District No.1</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/30</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">650,000</font></td>
<td align="right" 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">583,791</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Highway &amp; Transportation</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series K 5.00% 7/1/30</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">750,000</font></td>
<td align="right" 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">671,288</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue First Subordinate</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.75% 8/1/37</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">590,000</font></td>
<td align="right" 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">568,282</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 6.00% 8/1/39</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">500,000</font></td>
<td align="right" 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">495,375</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Regional Transportation District</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Fastracks Project) 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.375% 11/1/31 (AMBAC)</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">1,250,000</font></td>
<td align="right" 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">1,134,538</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.50% 11/1/36 (AGM)</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">3,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,663,909</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0">&#160;</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" 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">7,338,170</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds &#8211; 5.54%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Guam Government Series A</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 11/15/39</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">750,000</font></td>
<td align="right" 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">771,390</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Public Improvement)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.50% 7/1/19 (NATLE-RE)</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">2,250,000</font></td>
<td align="right" 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">2,325,870</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 6.00% 7/1/39</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">505,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">485,063</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr>
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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 nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1">3,582,323</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 2.50%</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Denver City &amp; County Airport System</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A 5.25% 11/15/36</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">750,000</font></td>
<td align="right" 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">727,357</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">E-470 Public Highway Authority</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series C 5.25% 9/1/25</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">310,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">279,171</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Regional Transportation District</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Denver Transit Partners)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 1/15/41</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">675,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">611,894</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,618,422</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211; 5.17%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Colorado Water Resources &amp; Power</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Authority Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Parker Water &amp; Sanitation</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; District) Series D</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.125% 9/1/34 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">1,500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">1,377,405</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 9/1/43 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">1,795,820</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Guam Government Waterworks</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue 5.625% 7/1/40</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">195,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">168,242</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3,341,467</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $63,474,336)</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" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">61,424,917</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments &#8211; 3.56%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">&#164;Variable Rate Demand Notes &#8211; 3.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Colorado Educational &amp; Cultural</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (National Jewish Federation)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-8 0.23% 9/1/35</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-Bank of America N.A.)</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">1,500,000</font></td>
<td align="right" 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">1,500,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-12 0.23% 2/1/38</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-Bank of America N.A.)</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">800,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">800,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investments</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">(cost $2,300,000)</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">2,300,000</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr>
<td colspan="8" width="99%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211; 98.51%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $65,774,336)</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="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">63,724,917</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net of Liabilities &#8211; 1.49%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">964,456</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 4,837,100</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Shares Outstanding; Equivalent to</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$13.37 Per Share &#8211; 100.00%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">64,689,373</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="8" width="99%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="4" nowrap width="93%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Components of Net Assets at March 31, 2011:</font></font></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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="4" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Common stock, $0.01 par value, 200 million shares</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">authorized to the Fund</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">66,918,121</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Undistributed net investment income</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="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">323,399</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Accumulated net realized loss on investments</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="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(502,728</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized depreciation of investments</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(2,049,419</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Total net assets</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 nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">64,689,373</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">11</font></div>

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<hr align="center" noshade size="2" width="100%">
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</div>

<br>
<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td colspan="2" width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Variable rate security. The rate shown is the rate as of March 31, 2011. Interest rates reset periodically.</font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#167;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in &#8220;Notes to financial statements.<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8221;</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#164;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Summary of Abbreviations:<br>
</font></font><font size="1" style="FONT-FAMILY: Times New Roman">AGM &#8212; Insured by Assured Guaranty Municipal Corporation <br>
AMBAC &#8212; Insured by AMBAC Assurance Corporation <br>
CIFG &#8212; Insured by CDC IXIS Financial Guaranty <br>
FGIC &#8212; Insured by Financial Guaranty Insurance Company <br>
FHA &#8212; Federal Housing Administration <br>
HUD &#8212; Housing and Urban Development Section 8 <br>
LOC &#8212; Letter of Credit<br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">NATL-RE &#8212; Insured by National Public Finance Guarantee Corporation <br>
VA &#8212; Veterans Administration Collateral <br>
XLCA &#8212; Insured by XL Capital Assurance</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">12</font></div>

<div>&#160;</div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 98.57%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211; 5.78%</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cloquet, Pollution Control 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Potlatch Project) 5.90% 10/1/26</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5,500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4,914,580</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Laurentian Energy Authority I</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cogeneration 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/21</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">3,325,000</font></td>
<td align="right" 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">3,257,536</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Sartell Environmental Improvement</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (International Paper)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.20% 6/1/27</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">938,510</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">9,110,626</font></td>
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<td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211; 9.68%</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Higher Education</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 12/1/35</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">1,000,000</font></td>
<td align="right" 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">954,710</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Augsburg College) Series 6-J1</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 5/1/28</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">1,500,000</font></td>
<td align="right" 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">1,446,495</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Carleton College)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series D 5.00% 3/1/30</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">1,120,000</font></td>
<td align="right" 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">1,151,270</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 6-T 5.00% 1/1/28</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">1,000,000</font></td>
<td align="right" 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">1,036,120</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (College of St. Benedict)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 5-W 5.00% 3/1/20</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" 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">2,023,220</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (St. Mary&#8217;s University) Series 5-U</font></td>
<td align="left" nowrap width="1%">&#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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.80% 10/1/23</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">1,400,000</font></td>
<td align="right" 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">1,392,972</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University of St. Thomas)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 6-X 5.00% 4/1/29</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">2,250,000</font></td>
<td align="right" 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">2,248,673</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 7-A 5.00% 10/1/39</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" 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">963,970</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University Minnesota</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.25% 4/1/29</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" 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">1,071,770</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 5.00% 12/1/19</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,290,000</font></td>
<td align="right" 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">1,468,678</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">University of Minnesota Special</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purpose Revenue (State</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Supported Biomed Science)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 5.00% 8/1/35</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">1,040,000</font></td>
<td align="right" 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">1,048,029</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University of the Virgin Islands</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.375% 6/1/34</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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">449,590</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">15,255,497</font></td>
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<td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds &#8211; 8.55%</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Chaska Electric 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Generating Facilities) 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 10/1/25</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">250,000</font></td>
<td align="right" 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">254,910</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Municipal Power Agency</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Electric Revenue Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 10/1/34</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">1,900,000</font></td>
<td align="right" 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">1,821,454</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 10/1/19</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">1,610,000</font></td>
<td align="right" 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">1,696,634</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Electric Power 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series XX</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 7/1/40</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">1,645,000</font></td>
<td align="right" 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">1,421,198</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Southern Minnesota Municipal</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power Agency Supply</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 1/1/14 (AMBAC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3,000,000</font></td>
<td align="right" 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">3,297,630</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Western Minnesota Municipal</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power Agency Supply 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 1/1/30 (NATL-RE)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">5,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,981,550</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</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" 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">13,473,376</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds &#8211; 18.84%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Bemidji Health Care Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (North Country</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Health Services)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 9/1/24 (RADIAN)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,441,800</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Fergus Falls Health Care Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Lake Region Healthcare)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 8/1/30</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">1,000,000</font></td>
<td align="right" 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">913,080</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Glencoe Health Care Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Glencoe Regional</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Health Services Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 4/1/25</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">2,000,000</font></td>
<td align="right" 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">1,863,460</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Maple Grove Health Care Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Maple Grove Hospital)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 5/1/37</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">1,000,000</font></td>
<td align="right" 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">893,250</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Health Care System</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Fairview Health Services)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.625% 11/15/28</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">600,000</font></td>
<td align="right" 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">640,752</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 6.50% 11/15/38</font></td>
<td align="left" nowrap width="1%" bgcolor="#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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ASSURED GTY)</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">295,000</font></td>
<td align="right" 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">309,493</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series D 5.00% 11/15/34</font></td>
<td align="left" nowrap width="1%" bgcolor="#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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (AMBAC)</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">2,000,000</font></td>
<td align="right" 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">1,804,980</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Revenue (National</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Marrow Donor Program Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.875% 8/1/25</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">1,000,000</font></td>
<td align="right" 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">940,870</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis &amp; St. Paul Minnesota</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing &amp; Redevelopment</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Health Care Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Children&#8217;s Hospital)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A1 5.00% 8/15/34 (AGM)</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="right" 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">465,750</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Agricultural &amp; Economic</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Board 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Fairview Health Care System)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Un-Refunded Balance 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.75% 11/15/26 (NATL-RE)</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">100,000</font></td>
<td align="right" 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">100,003</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.375% 11/15/29</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">195,000</font></td>
<td align="right" 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">195,566</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Rochester Health Care &amp; Housing</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Samaritan Bethany)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 7.375% 12/1/41</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">1,220,000</font></td>
<td align="right" 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">1,207,385</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Shakopee Health Care Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (St. Francis Regional</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Medical Center) 5.25% 9/1/34</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">1,560,000</font></td>
<td align="right" 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">1,402,924</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Cloud Health Care System</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Centracare Health</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; System Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 5/1/39 (ASSURED GTY)</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">1,500,000</font></td>
<td align="right" 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">1,483,425</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.125% 5/1/30</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,125,000</font></td>
<td align="right" 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">2,055,831</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">St. Louis Park Health Care</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Park Nicollet Health Services)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.75% 7/1/39</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">1,500,000</font></td>
<td align="right" 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">1,406,580</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 5.50% 7/1/23</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">1,000,000</font></td>
<td align="right" 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">1,019,660</font></td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">13</font></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="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></td>
<td align="left" nowrap width="1%">&#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="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds </font><font size="1" style="FONT-FAMILY: times new roman">(continued)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Paul Housing &amp; Redevelopment</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Health Care 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Allina Health System)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 11/15/18</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,380,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,488,661</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A-1 5.25% 11/15/29</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,395,000</font></td>
<td align="right" 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">1,393,270</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Franciscan Health Elderly</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.40% 11/20/42 (GNMA) (FHA)</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">2,700,000</font></td>
<td align="right" 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">2,624,454</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Health East Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 11/15/35</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">2,000,000</font></td>
<td align="right" 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">1,686,620</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Health Partners Obligation</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Group Project) 5.25% 5/15/36</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" 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">1,775,740</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Regions Hospital Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.30% 5/15/28</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">1,000,000</font></td>
<td align="right" 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">944,040</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Senior Carondelet Village</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project) Series A 6.00% 8/1/42</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">770,000</font></td>
<td align="right" 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">701,532</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Winona Health Care Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Winona Health</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Obligated Group) 5.00% 7/1/23</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">1,010,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">949,036</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</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" 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">29,708,162</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds &#8211; 7.96%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Chanhassen Multifamily Housing</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Heritage Park</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Apartments Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.20% 7/1/30 (FHA) (HUD) (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,105,000</font></td>
<td align="right" 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">1,105,508</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Multifamily</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Housing 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 nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8226;</font>(Gaar Scott Loft Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.95% 5/1/30 (AMT)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LOC-U.S. Bank N.A.)</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">880,000</font></td>
<td align="right" 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">881,126</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Olson Townhomes Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 12/1/19 (AMT)</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">705,000</font></td>
<td align="right" 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">705,049</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Seward Towers Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 5/20/36 (GNMA)</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">2,000,000</font></td>
<td align="right" 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">1,971,721</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Sumner Housing Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.15% 2/20/45</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(GNMA) (AMT)</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">2,000,000</font></td>
<td align="right" 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">1,852,500</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minnesota State Housing Finance</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Agency 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Rental Housing)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 2/1/35 (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" 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">927,710</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series D 5.95% 2/1/18 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">120,000</font></td>
<td align="right" 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">120,494</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Residential Housing)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B-1 5.35% 1/1/33 (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,390,000</font></td>
<td align="right" 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">1,349,370</font></td>
</tr><tr valign="bottom">
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: times new roman">&#8226;</font>Series D 4.75% 7/1/32 (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">1,000,000</font></td>
<td align="right" 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">856,250</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series I 5.15% 7/1/38 (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">725,000</font></td>
<td align="right" 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">674,830</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series L 5.10% 7/1/38 (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,495,000</font></td>
<td align="right" 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">1,381,216</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Washington County Housing &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Redevelopment 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue (Woodland Park</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Apartments Project)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.70% 10/1/32</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">750,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">727,290</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</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" 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">12,553,064</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds &#8211; 6.33%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Andover Economic Development</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Public Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease Revenue (Andover</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Community Center)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125% 2/1/24</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">205,000</font></td>
<td align="right" 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">222,148</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.20% 2/1/29</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">410,000</font></td>
<td align="right" 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">445,137</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Public Buildings</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Revenue Un-Refunded</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Balance (Guaranteed</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Government Facilities)</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series D 5.25% 7/1/27</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">530,000</font></td>
<td align="right" 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">494,782</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Paul Port Authority Lease 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Cedar Street Office Building Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 12/1/22</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">2,385,000</font></td>
<td align="right" 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">2,423,947</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 12/1/27</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,800,000</font></td>
<td align="right" 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">2,831,164</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Robert Street Office</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Building Project) Series 3-11</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 12/1/27</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" 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">2,022,480</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Virginia Housing &amp; Redevelopment</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Health Care Facility</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease 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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 10/1/25</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">680,000</font></td>
<td align="right" 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">650,400</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 10/1/30</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">965,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">893,088</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</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" 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">9,983,146</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="91%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211; 10.13%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Dakota County Community</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Development Agency</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Senior Housing Facilities)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 1/1/23</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">1,100,000</font></td>
<td align="right" 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">1,138,082</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Hopkins Independent School District</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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#270 5.00% 2/1/28</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">1,000,000</font></td>
<td align="right" 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">1,055,180</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Special School District</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#1 5.00% 2/1/19 (AGM)</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">1,175,000</font></td>
<td align="right" 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">1,240,072</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Morris Independent School District</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#769 5.00% 2/1/28 (NATL-RE)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">3,750,000</font></td>
<td align="right" 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">3,988,800</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Rocori Independent School District</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;#750 (School Building) Series B</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 2/1/22</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">1,010,000</font></td>
<td align="right" 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">1,104,354</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 2/1/24</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">1,075,000</font></td>
<td align="right" 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">1,152,002</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 2/1/25</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">1,115,000</font></td>
<td align="right" 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">1,184,977</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 2/1/26</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">1,155,000</font></td>
<td align="right" 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">1,219,622</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Washington County Housing &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Redevelopment Authority Series B</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="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50% 2/1/22 (NATL-RE)</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">1,705,000</font></td>
<td align="right" 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">1,746,892</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50% 2/1/32 (NATL-RE)</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">2,140,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,146,570</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0">&#160;</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" 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">15,976,551</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">&#167;Pre-Refunded/Escrowed to Maturity Bonds &#8211; 20.51%</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Andover Economic Development</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authority Public Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease Revenue (Andover</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Community Center)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125% 2/1/24-14</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">295,000</font></td>
<td align="right" 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">319,677</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.20% 2/1/29-14</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">590,000</font></td>
<td align="right" 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">640,563</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">14</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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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="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></td>
<td align="right" nowrap width="1%">&#160;</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>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
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<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="93%" style="BORDER-BOTTOM: 4px"><font size="1" style="FONT-FAMILY: times new roman">&#167;Pre-Refunded/Escrowed to Maturity Bonds </font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="3%" style="BORDER-BOTTOM: 4px">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: 4px">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Dakota-Washington Counties</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing &amp; Redevelopment</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Bloomington Single Family</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Residential Mortgage)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 8.375% 9/1/21</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (GNMA) (FHA) (VA) (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">7,055,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">9,364,524</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Southern Minnesota Municipal</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power Agency Supply</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Refunding</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.75% 1/1/18-13</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">3,715,000</font></td>
<td align="right" 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">3,978,319</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.50% 1/1/15 (AMBAC)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">390,000</font></td>
<td align="right" 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">401,755</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Louis Park Health Care Facilities</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Park Nicollet Health</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Services) Series B 5.25% 7/1/30-14</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,250,000</font></td>
<td align="right" 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">1,408,525</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">St. Paul Housing &amp; Redevelopment</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Sales Tax</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Civic Center Project)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.55% 11/1/23</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">2,300,000</font></td>
<td align="right" 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">2,488,393</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.55% 11/1/23 (NATL-RE) (IBC)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4,200,000</font></td>
<td align="right" 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">4,544,022</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University of Minnesota Hospital &amp;</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Clinics 6.75% 12/1/16</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">2,580,000</font></td>
<td align="right" 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">3,113,157</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">University of Minnesota 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 7/1/21</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">4,000,000</font></td>
<td align="right" 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">4,565,280</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Western Minnesota Municipal</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power Agency Supply 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.625% 1/1/16</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">1,315,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">1,501,401</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">32,325,616</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211; 4.08%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Community Planning</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &amp; Economic Development</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Department (Limited Tax</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Supported Common Bond Fund)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.25% 12/1/30</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">1,000,000</font></td>
<td align="right" 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">1,041,480</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 1 6.75% 12/1/25 (AMT)</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">865,000</font></td>
<td align="right" 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">866,168</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 5 5.70% 12/1/27</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">375,000</font></td>
<td align="right" 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">376,065</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis Development 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Limited Tax Supported</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Common Bond Fund) Series 1</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 12/1/24 (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">1,000,000</font></td>
<td align="right" 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">1,004,330</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Infrastructure Financing</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Special Tax 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.00% 7/1/46</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">800,000</font></td>
<td align="right" 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">622,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue First Subordinate</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.75% 8/1/37</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,200,000</font></td>
<td align="right" 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">1,155,828</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">St. Paul Port Authority (Brownsfields</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Redevelopment Tax)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series 2 5.00% 3/1/37</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">895,000</font></td>
<td align="right" 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">867,783</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Virgin Islands Public Finance</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (Senior Lien</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Matching Fund Loan 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.25% 10/1/23</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">501,060</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">6,434,714</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bond &#8211; 0.70%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Minnesota State Various Purpose</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series D 4.00% 8/1/17</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,104,170</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0">&#160;</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" 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">1,104,170</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 5.09%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis - St. Paul Metropolitan</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Airports Commission</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 1/1/22 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3,000,000</font></td>
<td align="right" 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">3,020,760</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 1/1/28 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,120,000</font></td>
<td align="right" 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">2,096,150</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 1/1/35 (AMBAC)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" 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">1,853,160</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 1/1/16 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">1,054,340</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">8,024,410</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bond &#8211; 0.92%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">St. Paul Sewer Revenue Series D</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 12/1/21</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">1,325,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,455,420</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0">&#160;</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" 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">1,455,420</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="8" width="99%">&#160; </td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $154,635,827)</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" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">155,404,752</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="8" width="99%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments &#8211; 0.57%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#164;Variable Rate Demand Notes &#8211; 0.57%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minneapolis &amp; St. Paul, Minnesota</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing &amp; Redevelopment</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Health Care 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Allina Health System)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B-2 0.22% 11/15/35</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-JPMorgan Chase Bank)</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">400,000</font></td>
<td align="right" 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">400,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Robbinsdale, Health Care Facilities</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (North Memorial)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-4 0.20% 5/1/33</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-Wells Fargo Bank N.A.)</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">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investments</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $900,000)</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" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">900,000</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="8" width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211; 99.14%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $155,535,827)</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="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">156,304,752</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" colspan="2" nowrap width="89%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets</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="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net of Liabilities &#8211; 0.86%</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1,350,317</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 11,504,975</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Shares Outstanding; Equivalent to</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$13.70 Per Share &#8211; 100.00%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">157,655,069</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="8" width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="93%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Components of Net Assets at March 31, 2011:</font></font></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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Common stock, $0.01 par value, 200 million shares</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">authorized to the Fund</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">157,931,075</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Undistributed net investment income</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="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">827,677</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Accumulated net realized loss on investments</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">(1,872,608</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized appreciation of investments</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" 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">768,925</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Total net assets</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 nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">157,655,069</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">15</font></div>

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<hr align="center" noshade size="2" width="100%">
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<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td colspan="2" width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#167;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in &#8220;Notes to financial statements.&#8221; </font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Variable rate security. The rate shown is the rate as of March 31, 2011. Interest rates reset periodically.</font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#164;</font></td>
<td valign="top" width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Summary of Abbreviations:<br>
</font></font><font size="1" style="FONT-FAMILY: Times New Roman">AGM &#8212; Insured by Assured Guaranty Municipal Corporation <br>
AMBAC &#8212; Insured by AMBAC Assurance Corporation <br>
AMT &#8212; Subject to Alternative Minimum Tax <br>
ASSURED GTY &#8212; Insured by Assured Guaranty Corporation <br>
FHA &#8212; Federal Housing Administration <br>
GNMA &#8212; Government National Mortgage Association Collateral <br>
HUD &#8212; Housing and Urban Development Section 8 <br>
IBC &#8212; Insured Bond Certificate <br>
LOC &#8212; Letter of Credit <br>
NATL-RE &#8212; Insured by National Public Finance Guarantee Corporation <br>
RADIAN &#8212; Insured by Radian Asset Assurance <br>
VA &#8212; Veterans Administration Collateral</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">16</font></div>

<div>&#160;</div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#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="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 94.07%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211; 10.56%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Buckeye, Ohio Tobacco Settlement</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing Authority Asset-Backed</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Senior Turbo Series A-2</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.50% 6/1/47</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">430,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">315,435</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Golden State, California Tobacco</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Securitization Settlement 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Asset-Backed Senior Notes)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-1 5.125% 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">370,000</font></td>
<td align="right" 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">222,041</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Harris County, Texas Industrial</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Solid Waste Disposal</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Deer Park Refining</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) 5.00% 2/1/23</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">150,000</font></td>
<td align="right" 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">149,606</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Illinois Railsplitter Tobacco</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Settlement 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.25% 6/1/24</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">500,000</font></td>
<td align="right" 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">500,600</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Iowa Finance Authority Pollution</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Control 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Interstate Power &amp; Light Project)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#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="right" 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">539,839</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Louisiana Local Government</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Environmental Facilities &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Community Development</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority (Westlake Chemical)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#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="right" 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">255,900</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Port Facilities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#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="right" 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">163,650</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York Industrial</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Agency Special</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Revenue (American</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>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Airlines - JFK International Airport)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.625% 8/1/25 (AMT)</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">450,000</font></td>
<td align="right" 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">452,984</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Air Quality Development</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (First Energy</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Generation) Series A 5.70% 8/1/20</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="right" 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">267,558</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Economic Development</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing Authority Exempt Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Allegheny Energy Supply)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 7/15/39</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">345,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">360,363</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3,227,976</font></td>
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<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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Bowling Green, Ohio Student Housing</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (CFP I - State University</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) 6.00% 6/1/45</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">270,000</font></td>
<td align="right" 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">240,789</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Authority School</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facility Revenue (Aspire Public</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schools) 6.125% 7/1/46</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">265,000</font></td>
<td align="right" 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">230,773</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Authority Student</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing Revenue (Irvine, LLC - UCI</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; East Campus) 6.00% 5/15/23</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">470,000</font></td>
<td align="right" 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">477,849</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Marietta, Georgia Development</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (Life University</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Income Project) 7.00% 6/15/39</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">430,000</font></td>
<td align="right" 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">399,191</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Student Housing</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (University of Maryland</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; College Park Projects)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.75% 6/1/33</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">370,000</font></td>
<td align="right" 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">354,338</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Educational Facilities 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Harvard University)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 12/15/29</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Obligation</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">600,000</font></td>
<td align="right" 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">636,233</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Nichols College) Series C</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.125% 10/1/29</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">250,000</font></td>
<td align="right" 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">252,610</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Montgomery County, Pennsylvania</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Higher Education &amp; Health</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (Arcadia</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; University) 5.25% 4/1/30</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">550,000</font></td>
<td align="right" 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">517,858</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New Jersey Economic Development</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (MSU Student</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing Project) 5.875% 6/1/42</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">215,000</font></td>
<td align="right" 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">191,133</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Oregon State Facilities Authority</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Concordia University</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) Series A 6.125% 9/1/30</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">135,000</font></td>
<td align="right" 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">131,776</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania State Higher Educational</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority Student</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Edinboro University Foundation)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.80% 7/1/30</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="right" 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">286,911</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (University Properties &#8211; East</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Stroudsburg University)</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 7/1/19</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="right" 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">308,466</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Troy, New York Capital Resource</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Rensselaer Polytechnic)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.125% 9/1/40</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">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">274,719</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,302,646</font></td>
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<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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Brevard County, Florida Health</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Heath First Project) Series B</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 4/1/39</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">90,000</font></td>
<td align="right" 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">96,006</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Butler County, Pennsylvania Hospital</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Revenue (Butler Health</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; System Project) 7.125% 7/1/29</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">150,000</font></td>
<td align="right" 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">160,233</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Hawaii Pacific Health Special Purpose</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A 5.50% 7/1/40</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">300,000</font></td>
<td align="right" 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">262,683</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Illinois Finance Authority 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Silver Cross &amp; Medical Centers)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 8/15/44</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">300,000</font></td>
<td align="right" 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">297,288</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Lycoming County, Pennsylvania</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Health System 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Susquehanna Health System</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) Series A 5.50% 7/1/28</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" 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">465,690</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County, Arizona Industrial</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Authority Health</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Revenue (Catholic</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Healthcare West) Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 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">225,000</font></td>
<td align="right" 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">224,064</font></td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">17</font></div>

<div>&#160;</div>

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<br>
<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund </font></font></div>

<div>&#160;</div>

<div>
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<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
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<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Healthcare Revenue Bonds </font><font size="1" style="FONT-FAMILY: times new roman">(continued)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp;</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Educational Facilities Authority</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Caregroup) Series E-2</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.375% 7/1/19</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">360,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">373,525</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New Hampshire Health &amp; Education</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Dartmouth-Hitchcock Medical</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Center) 6.00% 8/1/38</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="right" 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">311,925</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Mexico State Hospital</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Equipment Loan Council 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Presbyterian Healthcare)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 8/1/39</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">500,000</font></td>
<td align="right" 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">449,115</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Hospital Facilities 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refunding (Cleveland Clinic</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Health) Series A 5.50% 1/1/39</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">300,000</font></td>
<td align="right" 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">298,704</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Orange County, Florida Health</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Orlando Regional Healthcare)</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.25% 10/1/18 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,135,000</font></td>
<td align="right" 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">1,248,885</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Philadelphia, Pennsylvania Hospitals &amp;</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Higher Education Facilities 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Hospital Revenue (Temple University</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>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Health System) 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 7/1/30</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="right" 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">258,732</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona Industrial</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development Authority Hospital</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Scottsdale Healthcare)</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00% 9/1/23</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">360,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">357,358</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,804,208</font></td>
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<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Housing Revenue Bonds &#8211; 6.39%</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">California Municipal Finance</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority Mobile Home Park</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Caritas Projects) 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.40% 8/15/45</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">230,000</font></td>
<td align="right" 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">207,683</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Florida Housing Finance Homeowner</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mortgage Revenue Series 2</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.90% 7/1/29 (NATL-RE) (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">270,000</font></td>
<td align="right" 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">273,100</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Volusia County, Florida Multifamily</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Housing Finance 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (San Marcos Apartments) 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.60% 1/1/44 (AGM) (AMT)</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">1,500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,471,170</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">1,951,953</font></td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Lease Revenue Bonds &#8211; 2.41%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Capital Area Cultural Education</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Finance Texas 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Roman Catholic Diocese)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 6.125% 4/1/45</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">105,000</font></td>
<td align="right" 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">99,494</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New Jersey Economic Development</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authority (School Facilities</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Construction) Series EE</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 9/1/17</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="right" 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">320,424</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 9/1/18</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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">317,166</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">737,084</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Local General Obligation Bonds &#8211; 3.73%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Fairfax County, Virginia Refunding &amp;</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>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Public Improvement Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 4/1/17</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">530,000</font></td>
<td align="right" 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">615,345</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal 2003 Subordinate Series I-1</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.375% 4/1/36</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">250,000</font></td>
<td align="right" 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">253,405</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal 2009 Subordinate Series A-1</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 8/15/21</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">250,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">272,168</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">1,140,918</font></td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Special Tax Revenue Bonds &#8211; 20.08%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Anne Arundel County, Maryland</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special Obligation 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (National Business Park-North</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Project) 6.10% 7/1/40</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">200,000</font></td>
<td align="right" 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">183,004</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Brooklyn Arena Local Development,</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New York Pilot Revenue (Barclays</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Center Project) 6.50% 7/15/30</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="right" 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">304,572</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California State Economic Recovery</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A 5.25% 7/1/21</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">260,000</font></td>
<td align="right" 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">283,488</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Jacksonville, Florida Transportation</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue 5.25% 10/1/29 (NATL-RE)</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">1,000,000</font></td>
<td align="right" 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">1,001,510</font></td>
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<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#937;</font></td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Miami-Dade County, Florida Special</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Obligation Revenue (Capital</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Appreciation &amp; Income) Series B</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 10/1/35 (NATL-RE)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" 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">1,831,139</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 8/1/19</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="right" 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">333,897</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York Transitional</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Finance Authority Future Tax Secured</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal 2011 Series D 5.00% 2/1/26</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">150,000</font></td>
<td align="right" 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">158,400</font></td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 5.25% 11/1/25</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">300,000</font></td>
<td align="right" 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">325,989</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">New York State Dormitory 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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (State Personal Income Tax 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="1%">&#160;</td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">570,000</font></td>
<td align="right" 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">555,573</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue First Subordinate</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.75% 8/1/37</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
<td align="right" 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">235,982</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#937;</font><font size="1" style="FONT-FAMILY: times new roman">(Capital Appreciation)</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.75% 8/1/32</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">610,000</font></td>
<td align="right" 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">489,031</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series C 6.00% 8/1/39</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">295,000</font></td>
<td align="right" 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">292,271</font></td>
</tr><tr valign="bottom">
<td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">^</font></td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Wyandotte County, Kansas City,</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Kansas Unified Government</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special Obligation Revenue (Capital</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Appreciation) Sales Tax Subordinate</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lien Series B 6.07% 6/1/21</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">260,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">140,299</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">6,135,155</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds &#8211; 5.74%</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California State</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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.25% 11/1/40</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">320,000</font></td>
<td align="right" 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">295,866</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Revenue Anticipation 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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-2 3.00% 6/28/11</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">300,000</font></td>
<td align="right" 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">301,725</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">California State Various Purpose</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="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 4/1/38</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">105,000</font></td>
<td align="right" 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">107,441</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">18</font></div>

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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</td>
<td colspan="2" nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></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>
<td align="left" nowrap width="1%">&#160;</td>
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<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td align="left" nowrap width="89%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Value</font></td>
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<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds </font></font><font size="1" style="FONT-FAMILY: times new roman">(continued)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds </font><font size="1" style="FONT-FAMILY: times new roman">(continued)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York State Series A</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 2/15/20</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">339,702</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 2/15/39</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">300,000</font></td>
<td align="right" 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">301,437</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Public Improvement) 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 7/1/19 (NATL-RE)</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">395,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">408,319</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">1,754,490</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 11.45%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Denver, Colorado Regional</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transportation District 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Denver Transit Partners)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 1/15/41</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">300,000</font></td>
<td align="right" 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">271,953</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Florida Ports Financing</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Commission 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (State Transportation Trust Fund)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.375% 6/1/27 (NATL-RE) (AMT)</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">1,000,000</font></td>
<td align="right" 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">964,350</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Development 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Transportation Facilities Project)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.75% 6/1/35</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">255,000</font></td>
<td align="right" 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">236,852</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Metropolitan Washington D.C.</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Airports Authority Dulles Toll Road</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (First Senior Lien)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.25% 10/1/44</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="right" 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">228,257</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Turnpike Commission</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Subordinate</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.25% 6/1/39</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">300,000</font></td>
<td align="right" 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">282,756</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series D 5.125% 12/1/40</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">390,000</font></td>
<td align="right" 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">355,980</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Port Authority of New York &amp; New</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jersey Special Obligation 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (JFK International Air Terminal)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.00% 12/1/42</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">230,000</font></td>
<td align="right" 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">218,153</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Louis, Missouri Airport 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Lambert-St. Louis International)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series A-1 6.625% 7/1/34</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">325,000</font></td>
<td align="right" 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">329,277</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Texas Private Activity Bond Surface</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transportation Senior Lien</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LBJ Infrastructure)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.00% 6/30/40</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">285,000</font></td>
<td align="right" 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">289,899</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (NTE Mobility Partners)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.50% 12/31/31</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="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">320,355</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0">&#160;</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" 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">3,497,832</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211; 3.91%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Atlanta, Georgia Water &amp; Wastewater</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue Series A 6.25% 11/1/39</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">300,000</font></td>
<td align="right" 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">311,988</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Florida Water Pollution Control</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 1/15/25</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">15,000</font></td>
<td align="right" 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">15,783</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York State Environmental Facilities</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; State Revolving Funds 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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Master Financing Program)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.00% 8/15/16</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">300,000</font></td>
<td align="right" 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">346,134</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">San Francisco City &amp; County,</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; California Public Utilities</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Commission Subordinate</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series F 5.00% 11/1/27</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">520,655</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $29,065,262)</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" 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">1,194,560</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%">&#160;</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">28,746,822</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td colspan="7" width="99%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments &#8211; 4.58%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">&#164; Variable Rate Demand Notes &#8211; 4.58%</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp;</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Educational Facilities Authority</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenue (Children&#8217;s Hospital)</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series N-4 0.22% 10/1/49</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-JPMorgan Chase Bank)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">1,000,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">Missouri State Health &amp; Educational</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Facilities Authority 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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (St. Louis University)</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series B-1 0.21% 10/1/35</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (LOC-Bank of America N.A.)</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">400,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">400,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investments</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $1,400,000)</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" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1,400,000</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td width="1%">&#160;</td>
<td colspan="7" width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211; 98.65%</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(cost $30,465,262)</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="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">30,146,822</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets</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>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="89%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net of Liabilities &#8211; 1.35%</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%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">411,940</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 2,422,200</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Shares Outstanding; Equivalent to</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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$12.62 Per Share &#8211; 100.00%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">30,558,762</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td width="1%">&#160;</td>
<td colspan="7" width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Components of Net Assets at March 31, 2011:</font></font></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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="4" nowrap width="94%"><font size="1" style="FONT-FAMILY: times new roman">Common stock, $0.01 par value, unlimited shares</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="89%"><font size="1" style="FONT-FAMILY: times new roman">authorized to the Fund</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">33,208,317</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Undistributed net investment income</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="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">344,090</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Accumulated net realized loss on investments</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="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(2,675,205</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="90%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized depreciation of investments</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" 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">(318,440</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" colspan="2" nowrap width="90%"><font size="1" style="FONT-FAMILY: times new roman">Total net assets</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="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,558,762</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td align="right" width="1%"><font size="1" style="FONT-FAMILY: symbol">W</font></td>
<td width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.</font></div>
</td>
</tr><tr>
<td align="right" width="1%"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font size="1" style="FONT-FAMILY: times new roman">^</font></font></td>
<td width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Zero coupon security. The rate shown is the yield at the time of purchase.</font></div>
</td>
</tr><tr>
<td align="right" width="1%"><font size="2" style="FONT-FAMILY: times new roman">&#8226;</font></td>
<td width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Variable rate security. The rate shown is the rate as of March 31, 2011. Interest rates reset periodically.</font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">&#164;</font></td>
<td width="99%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.</font></div>
</td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">19</font></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="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Statements of net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund </font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td width="100%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td width="100%">
<div align="left"><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 &#8212; Insured by Assured Guaranty Municipal Corporation<br>
AMT &#8212; Subject to Alternative Minimum Tax <br>
FGIC &#8212; Insured by Financial Guaranty Insurance Company <br>
LOC &#8212; Letter of Credit<br>
</font><font size="1" style="FONT-FAMILY: times new roman">NATL-RE &#8212; Insured by National Public Finance Guarantee Corporation</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">20</font></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>

<!--PART C--><br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Statements of operations</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Year Ended March 31, 2011</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="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Investments</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Investments</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Investments</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Investments</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund, Inc.</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund, Inc.</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II, Inc.</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Investment Income:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Interest</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">1,985,476</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">3,282,578</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">7,939,262</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td nowrap width="3%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: times new roman">1,685,807</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Expenses:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Management fees</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">165,134</font></td>
<td align="left" nowrap width="1%">&#160;</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">269,708</font></td>
<td align="left" nowrap width="1%">&#160;</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">646,737</font></td>
<td align="left" nowrap width="1%">&#160;</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">127,456</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Accounting and administration expenses</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">16,311</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">26,641</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">63,881</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">12,589</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Dividend disbursing and transfer agent fees and expenses</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">15,363</font></td>
<td align="left" nowrap width="1%">&#160;</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">19,261</font></td>
<td align="left" nowrap width="1%">&#160;</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">57,306</font></td>
<td align="left" nowrap width="1%">&#160;</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">20,085</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Audit and tax</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">13,045</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">14,405</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">19,223</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">12,523</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Reports and statements to shareholders</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">9,435</font></td>
<td align="left" nowrap width="1%">&#160;</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">14,255</font></td>
<td align="left" nowrap width="1%">&#160;</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">32,202</font></td>
<td align="left" nowrap width="1%">&#160;</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">9,739</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Legal fees</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">6,889</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">8,892</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">22,665</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4,986</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Pricing fees</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">5,974</font></td>
<td align="left" nowrap width="1%">&#160;</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">6,557</font></td>
<td align="left" nowrap width="1%">&#160;</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">10,629</font></td>
<td align="left" nowrap width="1%">&#160;</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">7,728</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Stock exchange fees</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">2,756</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4,330</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">10,748</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,166</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Directors&#8217;/Trustees&#8217; fees</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">2,257</font></td>
<td align="left" nowrap width="1%">&#160;</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">3,690</font></td>
<td align="left" nowrap width="1%">&#160;</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">8,830</font></td>
<td align="left" nowrap width="1%">&#160;</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">1,743</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Insurance fees</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">1,994</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3,052</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">7,069</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,546</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Dues and services</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">1,295</font></td>
<td align="left" nowrap width="1%">&#160;</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">1,409</font></td>
<td align="left" nowrap width="1%">&#160;</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">3,121</font></td>
<td align="left" nowrap width="1%">&#160;</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">1,128</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Registration fees</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">663</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">663</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">753</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5,251</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Consulting fees</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">652</font></td>
<td align="left" nowrap width="1%">&#160;</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">993</font></td>
<td align="left" nowrap width="1%">&#160;</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">2,236</font></td>
<td align="left" nowrap width="1%">&#160;</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">517</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Custodian fees</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">521</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">819</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,053</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">535</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Directors&#8217;/Trustees&#8217; expenses</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">170</font></td>
<td align="left" nowrap width="1%">&#160;</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">266</font></td>
<td align="left" nowrap width="1%">&#160;</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">630</font></td>
<td align="left" nowrap width="1%">&#160;</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">134</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Taxes (Pennsylvania franchise tax)</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">&#8212;</font></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="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">&#8212;</font></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="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">11,900</font></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="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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Total operating expenses</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">242,459</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">374,941</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">899,983</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">208,126</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Investment Income</font></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">1,743,017</font></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="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">2,907,637</font></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="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">7,039,279</font></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="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">1,477,681</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Realized and Unrealized Gain (Loss) on Investments:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain (loss) on investments</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">86,903</font></td>
<td align="left" nowrap width="1%">&#160;</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">163,754</font></td>
<td align="left" nowrap width="1%">&#160;</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">338,820</font></td>
<td align="left" nowrap width="1%">&#160;</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">(25,702</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net change in unrealized appreciation/depreciation of investments</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">(1,440,054</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(3,275,673</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(4,887,725</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(1,265,634</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="77%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Realized and Unrealized Loss on Investments</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,353,151</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(3,111,919</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(4,548,905</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,291,336</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Increase (Decrease) in Net Assets Resulting from Operations</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">389,866</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(204,282</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,490,374</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">186,345</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="right"><font size="2" style="FONT-FAMILY: Times New Roman">21</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman">Statements of changes in net assets</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income Fund, Inc.</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income Fund, Inc.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Year Ended</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/10</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Increase (Decrease) in Net Assets from Operations:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,743,017</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,718,485</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">2,907,637</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">2,935,660</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on investments</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">86,903</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">397,279</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">163,754</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,097</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net change in unrealized appreciation/depreciation of investments</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,440,054</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,548,883</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(3,275,673</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,519,706</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net increase (decrease) in net assets resulting from operations</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">389,866</font></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="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">4,664,647</font></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="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">(204,282</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">6,455,463</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Dividends and Distributions to Common Shareholders from:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</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">(1,573,111</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(1,438,912</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(2,757,147</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(2,757,147</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on investments</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">(128,235</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(74,555</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">&#8212;</font></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="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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,701,346</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,513,467</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(2,757,147</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(2,757,147</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Increase (Decrease) in Net Assets</font></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">(1,311,480</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">3,151,180</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(2,961,429</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">3,698,316</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Beginning of year</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">41,095,360</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">37,944,180</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">67,650,802</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">63,952,486</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; End of year</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">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">39,783,880</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">41,095,360</font></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="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">64,689,373</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">67,650,802</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Undistributed net investment income</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">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">461,800</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">268,364</font></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="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">323,399</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">176,704</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td align="left" nowrap width="77%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="5" nowrap width="9%" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="5" nowrap width="9%" style="TEXT-ALIGN: center">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Delaware Investments</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income Fund II, Inc.</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Year Ended</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">3/31/10</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Increase (Decrease) in Net Assets from Operations:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">7,039,279</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6,924,251</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,477,681</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,383,491</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain (loss) on investments</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">338,820</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">457,242</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(25,702</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">(344,009</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="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net change in unrealized appreciation/depreciation of investments</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(4,887,725</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">9,715,309</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,265,634</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,879,326</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net increase in net assets resulting from operations</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">2,490,374</font></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="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">17,096,802</font></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="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">186,345</font></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="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">3,918,808</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Dividends and Distributions to Common Shareholders from:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(6,557,836</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(6,557,836</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,277,711</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,235,322</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0">&#160;</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">(6,557,836</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(6,557,836</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(1,277,711</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</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">(1,235,322</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Increase (Decrease) in Net Assets</font></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">(4,067,462</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">10,538,966</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(1,091,366</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">2,683,486</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets:</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="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="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="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>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Beginning of year</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">161,722,531</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">151,183,565</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">31,650,128</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">28,966,642</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; End of year</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">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">157,655,069</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">161,722,531</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,558,762</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">31,650,128</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="100%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Undistributed net investment income</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">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">827,677</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">362,513</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">344,090</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">145,793</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">22</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman">Financial highlights</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Arizona Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Selected data for each share of the Fund outstanding throughout each period were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="74%">&#160;</td>
<td colspan="16" nowrap width="26%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/09</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/08</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/07</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, beginning of period</font></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">$13.780</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">$12.720</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">$13.850</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">$14.730</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">$14.730</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Income (loss) from investment operations:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</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">0.584</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">0.576</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">0.707</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">0.906</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">0.932</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized and unrealized gain (loss) on investments</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">(0.453</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">0.992</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">(1.093</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.783</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">0.160</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Dividends on preferred stock from:</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</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">&#8212;</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">&#8212;</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">(0.174</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.312</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.297</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on investments</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.023</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.013</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total dividends on preferred stock</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</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" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</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" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.174</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.335</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.310</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Total from investment operations</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.131</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1.568</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.560</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.212</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.782</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Less dividends and distributions to common shareholders from:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</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">(0.528</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.483</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.610</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(0.750</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized gain on investments</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.043</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.025</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</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" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.058</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.032</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Total dividends and distributions</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.571</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.508</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.668</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.782</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, end of period</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.340</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.780</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.720</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.850</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.730</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Market value, end of period</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.910</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$11.840</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$9.900</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.390</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" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.790</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total investment return based on:<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Market value</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">14.02%</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">25.04%</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">(15.86%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(11.86%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(2.58%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset value</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">1.23%</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">13.27%</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">(3.29%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">(1.08%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</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">5.26%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Ratios and supplemental data:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net assets applicable to common shares, end of period (000 omitted)</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">$39,784</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">$41,095</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">$37,944</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">$41,294</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">$43,916</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of expenses to average net assets applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="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">0.59%</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">0.58%</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">0.96%</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">1.07%</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">1.05%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.22%</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">4.27%</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">5.37%</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">6.34%</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">6.34%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
<td align="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">4.22%</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">4.27%</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">4.05%</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">3.99%</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">4.23%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Portfolio turnover</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">8%</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">20%</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">4%</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">18%</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">17%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="16" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Leverage analysis:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></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">$&#8212;</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">$&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</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">$25,000</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">$25,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset coverage per share of preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</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">$&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</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">$132,588</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">$137,832</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Liquidation value per share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1 </font>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund redeemed all of its preferred shares at par plus accumulated dividends amounting to $25,024,395. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any accumulated but unpaid dividends. </font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">23</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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<br>
<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Financial highlights</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.</font></font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Selected data for each share of the Fund outstanding throughout each period were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="74%">&#160;</td>
<td colspan="16" nowrap width="26%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/09</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/08</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/07</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, beginning of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13.990</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13.220</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.260</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$15.100</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$15.260</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Income (loss) from investment operations:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.601</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.607</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.755</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.937</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.985</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized and unrealized gain (loss) on investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.651</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.733</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.965</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.604</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.069</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Dividends on preferred stock from:</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.173</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.264</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.274</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on investments</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.050</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.019</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total dividends on preferred stock</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.173</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.314</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.293</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Total from investment operations</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.050</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1.340</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.383</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.019</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.761</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Less dividends and distributions to common shareholders from:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.657</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.720</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.850</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized gain on investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.139</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.071</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Total dividends and distributions</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.657</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.859</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.921</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.370</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.990</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.220</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.260</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$15.100</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Market value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.450</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.390</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$11.240</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$15.060</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$15.940</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total investment return based on:</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Market value</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(3.00%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">24.49%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(21.63%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.14%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(9.86%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset value</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.30%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">10.55%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(2.66%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.19%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.35%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Ratios and supplemental data:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Net assets applicable to common shares, end of period (000 omitted)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$64,689</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$67,651</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$63,952</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$68,973</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$73,056</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of expenses to average net assets applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.91%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.03%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.01%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.31%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.41%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">5.55%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.37%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.49%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.31%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.41%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.28%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.23%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Portfolio turnover</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">10%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">20%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">16%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">16%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">11%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="98%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Leverage analysis:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%"><font size="1" style="FONT-FAMILY: times new roman">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$40,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$40,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset coverage per share of preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$136,216</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$141,320</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Liquidation value per share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1 </font>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund redeemed all of its preferred shares at par plus accumulated dividends amounting to $40,042,778. </font></div>
</td>
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<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any accumulated but unpaid dividends. </font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">24</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</font></font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Selected data for each share of the Fund outstanding throughout each period were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="73%">&#160;</td>
<td colspan="16" nowrap width="26%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/09</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/08</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/07</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, beginning of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.060</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13.140</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.190</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.880</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.730</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Income (loss) from investment operations:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.612</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.602</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.776</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.962</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.963</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized and unrealized gain (loss) on investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.402</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.888</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(1.013</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.674</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.225</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Dividends on preferred stock from:</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">(0.175</font></td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">(0.318</font></td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">(0.298</font></td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">Total dividends on preferred stock</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="white">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="white">&#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">(0.175</font></td>
<td align="left" nowrap width="1%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#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">(0.318</font></td>
<td align="left" nowrap width="1%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="white">&#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">(0.298</font></td>
<td align="left" nowrap width="1%" bgcolor="white"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="white">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">Total from investment operations</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">0.210</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">1.490</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">(0.412</font></td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">(0.030</font></td>
<td align="left" nowrap width="1%" bgcolor="silver"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="silver">&#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">0.890</font></td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="silver">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Less dividends to common shareholders from:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.570</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.638</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.660</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.740</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total dividends</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.570</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.570</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.638</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.660</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.740</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.700</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.060</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.140</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.190</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.880</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Market value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.600</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.740</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$11.250</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.450</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.640</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total investment return based on:</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Market value</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">3.32%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">18.58%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(11.91%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(3.58%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(5.13%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset value</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.80%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">12.04%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(2.48%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.08%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">6.05%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Ratios and supplemental data:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net assets applicable to common shares, end of period (000 omitted)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$157,655</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$161,723</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$151,184</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$163,305</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$171,143</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of expenses to average net assets applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2,4</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.56%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.98%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.18%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.20%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.35%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.36%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">5.74%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.61%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.52%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.35%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.36%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.45%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.43%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.50%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Portfolio turnover</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">9%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">19%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">15%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">3%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr>
<td align="left" colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td align="left" width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Leverage analysis:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$95,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$95,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset coverage per share of preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$135,950</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$140,075</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Liquidation value per share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5,6</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1 </font>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4 </font>The ratio of expenses to average net assets applicable to common shares includes interest and related expenses which include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees&#8217; fees in connection with the Fund&#8217;s participation in inverse floater programs for the years ended March 31, 2009, 2008, and 2007. See Notes 1 and 8 in &#8220;Notes to financial statements.&#8220; </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> In 2008, the Fund redeemed all of its preferred shares at par plus accumulated dividends amounting to $95,083,577. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font> Excluding any accumulated but unpaid dividends. </font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">25</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
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</div>

<br>
<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Financial highlights</font></div>

<div>&#160;</div>

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

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Selected data for each share of the Fund outstanding throughout each period were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="73%">&#160;</td>
<td colspan="16" nowrap width="26%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Year Ended</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/11</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/10</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/09</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/08</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3/31/07</font></td>
<td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, beginning of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13.070</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$11.960</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13.360</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.560</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$14.650</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Income (loss) from investment operations:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.610</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.571</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.704</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.919</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">0.960</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized and unrealized gain (loss) on investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.532</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.049</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(1.367</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(1.081</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.141</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Dividends on preferred stock from:</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net investment income</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.172</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.311</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(0.285</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net realized gain on investments</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.015</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.018</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total dividends on preferred stock</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.172</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.326</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.303</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Total from investment operations</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.078</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1.620</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.835</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.488</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">0.798</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Less dividends and distributions to common shareholders from:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net investment income</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.528</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.510</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.565</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.668</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(0.820</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net realized gain on investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">&#8212;</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.044</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#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">(0.068</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Total dividends and distributions</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.528</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.510</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.565</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.712</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(0.888</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net asset value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.620</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.070</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$11.960</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$13.360</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.560</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%" bgcolor="#ffffff">&#160;</td>
<td align="left" width="1%" bgcolor="#ffffff">&#160;</td>
<td width="1%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Market value, end of period</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.200</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$12.140</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$10.850</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$11.950</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$14.530</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total investment return based on:</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Market value</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.78%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">16.69%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(4.31%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(13.11%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(4.12%</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset value</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.67%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">13.97%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(5.65%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(3.05%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">5.27%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td align="left" width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Ratios and supplemental data:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Net assets applicable to common shares, end of period (000 omitted)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$30,559</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$31,650</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$28,967</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$32,365</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$35,256</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of expenses to average net assets applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.65%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.63%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.06%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.16%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.10%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<td align="left" nowrap width="1%">&#160;</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>
<td align="left" nowrap width="1%">&#160;</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>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.64%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">4.48%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">5.63%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.54%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">6.58%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ratio of net investment income to average net assets</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; applicable to common shares net of dividends to preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.64%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.48%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.25%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.22%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">4.51%</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Portfolio turnover</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">50%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">69%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">36%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">17%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">9%</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr>
<td colspan="15" width="97%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Leverage analysis:</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>
<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>
<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>
<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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Value of preferred shares outstanding (000 omitted)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$20,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">$20,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net asset coverage per share of preferred shares, end of period<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$130,914</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$138,141</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Liquidation value per share of preferred shares<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4,5</font></font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$&#8212;</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$50,000</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr></table>
</div>

<br>
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1 </font>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Ratios do not reflect the effect of dividend payments to preferred shareholders, if applicable.</font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> Ratio reflects total net investment income less dividends paid to preferred shareholders, if applicable, divided by average net assets applicable to common shareholders. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> In 2008, the Fund redeemed all of its preferred shares at par plus accumulated dividends amounting to $20,019,516. </font></div>
</td>
</tr><tr>
<td width="100%">
<div style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> Excluding any accumulated but unpaid dividends. </font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">See accompanying notes, which are an integral part of the financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">26</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman">Notes to financial statements</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments Arizona Municipal Income Fund, Inc. (Arizona Municipal Fund), Delaware Investments Colorado Municipal Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are organized as Minnesota corporations and Delaware Investments National Municipal Income Fund (National Municipal Fund) is organized as a Massachusetts business trust (each referred to as a Fund and collectively as the Funds). Arizona Municipal Fund, Colorado Municipal Fund, Minnesota Municipal Fund II and National Municipal Fund are considered diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. The Funds&#8217; shares trade on the NYSE Amex Equities, the successor to the American Stock Exchange.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The investment objective of each Fund is to provide high current income exempt from federal income tax and from state personal income tax, if any, consistent with the preservation of capital. Each Fund, except National Municipal Income Fund will seek to achieve its investment objective by investing substantially all of its net assets in investment grade, tax-exempt municipal obligations of its respective state.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">1. Significant Accounting Policies</font></font></div>

<div>&#160;</div>

<div align="left"><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 Funds. </font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Security Valuation &#8212; </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 each Fund&#8217;s Board of Directors/Trustees (each a Board, and collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Federal Income Taxes &#8212; </font></font><font size="1" style="FONT-FAMILY: Times New Roman">No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds&#8217; tax returns to determine whether the tax positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Funds&#8217; tax positions taken on federal income tax returns for all open tax years (March 31, 2008 &#8211; March 31, 2011), and has concluded that no provision for federal income tax is required in the Funds&#8217; financial statements.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Interest and Related Expenses &#8212; </font></font><font size="1" style="FONT-FAMILY: Times New Roman">Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees&#8217; fees from the Funds&#8217; participation in inverse floater programs where a Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In conveyance of the bond, the Funds receive the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Funds, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees&#8217; expenses are recorded on the accrual basis. There were no interest and related expenses for the year ended March 31, 2011.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Use of Estimates &#8212; </font></font><font size="1" style="FONT-FAMILY: Times New Roman">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Other &#8212; </font></font><font size="1" style="FONT-FAMILY: Times New Roman">Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities. Each Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. Each Fund may distribute income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on ex-dividend date.</font></div>

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<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended March 31, 2011.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds may receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. There were no earnings credits for the year ended March 31, 2011.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">2. Investment Management, Administration Agreements and Other Transactions with Affiliates</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated daily based on the adjusted average daily net assets of each Fund.</font></div>

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<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">27</font></div>

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<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
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<div align="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Notes to financial statements</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the year ended March 31, 2011, the Funds were charged as follows:</font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$2,056</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$3,358</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$8,051</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$1,587</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">At March 31, 2011, each Fund had liabilities payable to affiliates as follows:</font></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="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Investment management fee payable to DMC</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$13,595</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$22,101</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$53,752</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160; </td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$10,438</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: times new roman">Accounting administration and other expenses</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">168</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">274</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">665</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">129</font></td>
<td align="right" nowrap width="2%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; payable to DSC</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Other expenses payable to DMC and affiliates*</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,875</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">3,870</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">8,754</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2,748</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div style="PADDING-LEFT: 3pt; TEXT-INDENT: -3pt" align="left"><font size="1" style="FONT-FAMILY: Times New Roman">*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and directors/trustees&#8217; fees.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates&#8217; employees. For the year ended March 31, 2011, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates&#8217; employees as follows:</font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td nowrap width="70%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$3,531</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$5,101</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="7%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$12,396</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="6%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">$2,306</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Directors&#8217;/Trustees&#8217; fees include expenses accrued by the Funds for each Director&#8217;s/Trustee&#8217;s retainer and meeting fees. Certain officers of DMC and DSC are officers and/or Directors/Trustees of the Trust. These officers and Directors/Trustees are paid no compensation by the Funds.</font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">For the year ended March 31, 2011, the Funds made purchases and sales of investment securities other than short-term investments as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="64%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="64%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="64%">&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="64%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Purchases</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$3,238,033</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$ 6,445,628</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$15,127,609</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$15,805,105</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="64%"><font size="1" style="FONT-FAMILY: times new roman">Sales</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">4,900,044</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">9,100,874</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">14,877,520</font></td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">17,700,275</font></td>
<td align="right" nowrap width="2%">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">At March 31, 2011, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="67%">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="67%">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="67%">&#160;</td>
<td colspan="4" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="67%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Cost of investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160; &#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">40,472,872</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">65,767,981</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">155,449,120</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,480,736</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="67%"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized appreciation</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">459,341</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,195,380</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">4,962,363</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: times new roman">460,259</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="67%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized depreciation</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,852,791</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(3,238,444</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(4,106,731</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(794,173</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="67%"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized appreciation (depreciation)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,393,450</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #ffffff 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">(2,043,064</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #ffffff 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">855,632</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #ffffff 1.5pt solid">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">(333,914</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #ffffff 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">28</font></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="left"><font size="1" style="FONT-FAMILY: Times New Roman">U.S. GAAP defines fair value as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity&#8217;s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each Fund&#8217;s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.</font></div>

<div>&#160;</div>

<div>
<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 nowrap valign="top" width="98%">
<div align="left"><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 valign="top" width="1%">&#160;</td>
<td valign="top" width="98%">&#160;</td>
</tr><tr>
<td valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">Level 2 &#8211;&#160; </font></td>
<td valign="top" width="98%">
<div align="left"><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 valign="top" width="1%">&#160;</td>
<td valign="top" width="98%">&#160;</td>
</tr><tr>
<td valign="top" width="1%"><font size="1" style="FONT-FAMILY: times new roman">Level 3 &#8211;&#160; </font></td>
<td valign="top" width="98%"><font size="1" style="FONT-FAMILY: times new roman">inputs are significant unobservable inputs (including the Fund&#8217;s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities) </font></td>
</tr></table>
</div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div><font size="1" style="FONT-FAMILY: Times New Roman">The following table summarizes the valuation of each Fund&#8217;s investments by fair value hierarchy levels as of March 31, 2011:</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="85%">&#160;</td>
<td colspan="4" nowrap width="14%" style="TEXT-ALIGN: center"><font size="1" style="BORDER-BOTTOM: black 1pt solid; FONT-FAMILY: times new roman">Arizona Municipal Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="4%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="2" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Level 2</font></td>
<td align="right" nowrap width="4%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">37,279,422</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,800,000</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">39,079,422</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="4" width="95%">&#160;</td>
<td width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td colspan="4" nowrap width="14%" style="TEXT-ALIGN: center"><font size="1" style="BORDER-BOTTOM: black 1pt solid; FONT-FAMILY: times new roman">Colorado Municipal Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td colspan="2" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Level 2</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">61,424,917</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">2,300,000</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">63,724,917</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="4" width="95%">&#160;</td>
<td width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td colspan="4" nowrap width="14%" style="TEXT-ALIGN: center"><font size="1" style="BORDER-BOTTOM: black 1pt solid; FONT-FAMILY: times new roman">Minnesota Municipal Fund II</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td colspan="2" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Level 2</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">155,404,752</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">900,000</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">156,304,752</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="4" width="95%">&#160;</td>
<td width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td colspan="4" nowrap width="14%" style="TEXT-ALIGN: center"><font size="1" style="BORDER-BOTTOM: black 1pt solid; FONT-FAMILY: times new roman">National Municipal Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td colspan="2" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Level 2</font></td>
<td align="right" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">28,746,822</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></td>
<td align="left" nowrap width="4%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="5%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,400,000</font></td>
<td align="right" nowrap width="4%" bgcolor="#ffffff">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">30,146,822</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">There were no unobservable (Level 3) investments at the beginning or end of the year.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">During the year ended March 31, 2011, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Funds.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">29</font></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="left"><font color="#b2b2b2" size="6" style="FONT-FAMILY: Times New Roman">Notes to financial statements</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">4. Dividend and Distribution Information</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2011 and 2010 was as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="73%">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="4" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%">&#160;</td>
<td colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Year Ended 3/31/11</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160; </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;&#160;&#160; </td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160; </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;&#160;&#160; </td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160; </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;&#160;&#160; </td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160; </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;&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Ordinary income</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">29,445</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">395</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">24,594</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt income</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">1,544,246</font></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="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">2,757,147</font></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="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">6,557,441</font></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="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">1,253,117</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Long-term capital gain</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">127,655</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,701,346</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">2,757,147</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">6,557,836</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">1,277,711</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr>
<td colspan="19" width="99%">&#160;</td>
<td width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Year Ended 3/31/10</font></font></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>
<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="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>
<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="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>
<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="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>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Ordinary income</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">18,011</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Tax-exempt income</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">1,438,912</font></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="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">2,757,147</font></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="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">6,557,836</font></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="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">1,217,311</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%"><font size="1" style="FONT-FAMILY: times new roman">Long-term capital gain</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">74,555</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="right" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="73%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,513,467</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">2,757,147</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">6,557,836</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</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">1,235,322</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">5. Components of Net Assets on a Tax Basis</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">As of March 31, 2011, the components of net assets on a tax basis were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="75%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="5%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%">&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Shares of beneficial interest</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="FONT-FAMILY: times new roman">&#160;&#160; </font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$40,651,205</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$66,918,121</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$157,931,075</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$33,208,317</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160; </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%"><font size="1" style="FONT-FAMILY: times new roman">Undistributed long-term capital gains</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">64,325</font></td>
<td align="left" nowrap width="1%">&#160;</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">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</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">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Undistributed tax-exempt income</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">461,800</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">323,399</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">827,677</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">344,090</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%"><font size="1" style="FONT-FAMILY: times new roman">Capital loss carryforwards</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">&#8212;</font></td>
<td align="left" nowrap width="1%">&#160;</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">(509,083</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">(1,959,315</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</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">(2,494,617</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Post-October losses</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">&#8212;</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></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="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">(165,114</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="75%"><font size="1" style="FONT-FAMILY: times new roman">Unrealized appreciation (depreciation) of investments</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,393,450</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(2,043,064</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">855,632</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(333,914</font></td>
<td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Net assets</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$39,783,880</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$64,689,373</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$157,655,069</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: times new roman">$30,558,762</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The differences between book basis and tax basis components of net assets are primarily attributable to tax treatment of market discount on debt instruments.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Post-October losses represent losses realized on investment transactions from November 1, 2010 through March 31, 2011 that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2011, the Funds recorded the following reclassifications.</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Arizona</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Undistributed net investment income</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160; &#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$ 23,530</font></td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$(3,795</font></td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)&#160;&#160;&#160;&#160; </font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$(16,279</font></td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)&#160;&#160;&#160;&#160; </font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$(1,673</font></td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">)&#160;&#160;&#160;&#160; </font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: times new roman">Accumulated net realized gain (loss)</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">(23,530</font></td>
<td align="left" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">3,795</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">16,279</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">1,673</font></td>
<td align="left" nowrap width="2%">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. $163,835, $298,574, and $154,758 was utilized in 2011 for Colorado Municipal Fund, Minnesota Municipal Fund II and National Municipal Fund, respectively. Capital loss carryforwards remaining at March 31, 2011 will expire as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Colorado</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Minnesota</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">National</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="77%">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="7%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Municipal</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">Year of Expiration</font></td>
<td align="left" nowrap width="76%">&#160;</td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Fund</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">2017</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160; &#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$509,083</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$1,695,121</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$1,634,822</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="77%"><font size="1" style="FONT-FAMILY: times new roman">2018</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">264,194</font></td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">859,795</font></td>
<td align="right" nowrap width="2%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="77%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#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">$509,083</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#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">$1,959,315</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#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">$2,494,617</font></td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">30</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
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</div>

<br>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">6. Capital Stock</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Pursuant to their articles of incorporation, Arizona Municipal Fund, Colorado Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. National Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. The Funds did not repurchase any shares under the Share Repurchase Program during the year ended March 31, 2011. Shares issuable under the Funds&#8217; dividend reinvestment plan are purchased by the Funds&#8217; transfer agent, BNY Mellon Shareowner Services, in the open market. </font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">For the year ended March 31, 2011, the Funds did not have any transactions in common shares.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">7. Derivatives</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">U.S. GAAP requires enhanced disclosures that enable investors to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity&#8217;s results of operations and financial position.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Inverse Floaters &#8212; </font></font><font size="1" style="FONT-FAMILY: Times New Roman">Each Fund may participate in inverse floater programs where a fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (inverse floaters) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Funds are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Funds typically use inverse floaters to adjust the duration of their portfolio. Duration measures a portfolio&#8217;s sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that a Fund transferred to the trust, the Fund seeks to adjust its portfolio&#8217;s sensitivity to changes in interest rates. The Funds may also invest in inverse floaters to add additional income to the Funds or to adjust the Funds&#8217; exposure to a specific segment of the yield curve. At March 31, 2011, and during the year then ended, the Funds held no investments in inverse floaters.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">8. Credit and Market Risk</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds concentrate their investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the states, regional or local and national economic conditions, as applicable and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market 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 each Fund. At March 31, 2011, the percentages of each Fund&#8217;s net assets insured by insurers are listed below and these securities have been identified in the statements of net assets. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="30%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="98%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Municipal Fund</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">32%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="98%"><font size="1" style="FONT-FAMILY: times new roman">Colorado Municipal Fund</font></td>
<td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">39%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="98%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Municipal Fund II</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">21%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="98%"><font size="1" style="FONT-FAMILY: times new roman">National Municipal Fund</font></td>
<td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">25%</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds invest a portion of their assets in high yield fixed income securities, which carry ratings of BB or lower by Standard &amp; Poor&#8217;s Rating Group (S&amp;P) and/or Ba or lower by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s). Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds may invest in advanced refunded bonds, escrow secured bonds or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a &#8220;current refunding.&#8221; &#8220;Advance refunded bonds&#8221; are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are &#8220;escrowed to maturity&#8221; when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates. </font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Bonds are considered &#8220;pre-refunded&#8221; when the refunding issue&#8217;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 &#8220;defeased&#8221; when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody&#8217;s, S&amp;P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font color="#808080" size="2" style="FONT-FAMILY: Times New Roman">(continues)&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font size="2" style="FONT-FAMILY: Times New Roman">31</font></div>

<div>&#160;</div>

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<!--PART D--><br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Notes to financial statements</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Delaware Investments Closed-End Municipal Bond Funds</font></font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">8. Credit and Market Risk (continued)</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Fund&#8217;s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund&#8217;s limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds&#8217; 15% limit on investments in illiquid securities. As of March 31, 2011, there were no Rule 144A securities and no securities have been determined to be illiquid under the Funds&#8217; Liquidity Procedures.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">9. Contractual Obligations</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Funds enters into contracts in the normal course of business that contain a variety of indemnifications. The Funds&#8217; maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund&#8217;s existing contracts and expects the risk of loss to be remote.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">10. Investments in Municipal Securities Issued by the State of Florida</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">On September 13, 2007, shareholders of Delaware Investments National Municipal Income Fund (formerly Delaware Investments Florida Insured Municipal Income Fund) approved (1) the elimination of the Fund&#8217;s fundamental investment policy that required the Fund to invest primarily in insured municipal securities issued by the State of Florida and (2) the adoption of a new fundamental investment policy permitting the Fund to invest in un-insured municipal securities issued by states other than Florida. The Fund&#8217;s portfolio managers began to transition the Fund&#8217;s portfolio to include un-insured municipal bonds issued by other states and territories on October 15, 2007. As of March 31, 2011, municipal bonds issued by the state of Florida constitute approximately 23% of the Fund&#8217;s portfolio. These investments could make the Fund more sensitive to economic conditions in Florida than other more geographically diversified national municipal income funds.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">11. Proposed Reorganization</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">On November 19, 2010, the Boards of Directors/Trustees of the National Municipal Fund (NYSE Amex: VFL) and the Arizona Municipal Fund (NYSE Amex: VAZ) announced their approval of the reorganization of the Arizona Municipal Fund into the National Municipal Fund. Under the terms of the proposed reorganization, the National Municipal Fund would acquire substantially all of the Arizona Municipal Fund&#8217;s assets in exchange for newly issued shares of beneficial interest of the National Municipal Fund. Those shares of the National Municipal Fund would then be distributed pro rata to Arizona Municipal Fund&#8217;s shareholders, and the Arizona Municipal Fund would subsequently be liquidated and dissolved. Common shares of Arizona Municipal Fund would be exchanged for common shares of National Municipal 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 Fund&#8217;s shareholders (which includes the National Municipal 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="left"><font size="1" style="FONT-FAMILY: Times New Roman">In addition, on February 18, 2011, the Board of Trustees of the National Municipal Fund announced its decision to conduct a tender offer after shareholder approval and completion of the reorganization of Arizona Municipal Fund into the National Municipal Fund. Under the terms of the proposed tender offer, the National Municipal Fund would offer to purchase for cash up to 18% of the then-outstanding shares of the National Municipal Fund&#8217;s common stock after the reorganization (Common Stock) 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 Municipal Fund into the National Municipal Fund. Please refer to the Funds&#8217; press release for more information.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">12. Subsequent Events</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Management has determined no material events or transactions, other than the proposed reorganization, occurred subsequent to March 31, 2011 that would require recognition or disclosure in the Funds&#8217; financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">32</font></div>

<div>&#160;</div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">13. Tax Information (Unaudited)</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The information set forth below is for each Fund&#8217;s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">For the fiscal year ended March 31, 2011, each Fund designates distributions paid during the year as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(A)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(B)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(C)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Ordinary</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Tax-Exempt</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Long-Term</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Income</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Capital Gain</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Distributions</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Distributions</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td colspan="3" nowrap width="8%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Distributions</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Distributions</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%">&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(Tax Basis)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(Tax Basis)</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(Tax Basis)</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">(Tax Basis)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Municipal Fund</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1.73%</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">90.77</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">7.50%</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="4%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">100.00%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: times new roman">Colorado Municipal Fund</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">100.00</font></td>
<td align="left" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">100.00%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Minnesota Municipal Fund II</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">0.01%</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">99.99</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td nowrap width="4%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">100.00%</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: times new roman">National Municipal Fund</font></td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">1.92%</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">98.08</font></td>
<td align="left" nowrap width="3%"><font size="1" style="FONT-FAMILY: times new roman">%</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: times new roman">&#8212;</font></td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="4%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">100.00%</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">(A), (B), and (C) are based on a percentage of each Fund&#8217;s total distributions.</font></div>

<div>&#160;</div>

<div align="right"><font size="2" style="FONT-FAMILY: Times New Roman">33</font></div>

<div>&#160;</div>

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<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Report of independent<br>
registered public accounting firm</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">To the Board of Trustees and the Shareholders of<br>
Delaware Investments Arizona Municipal Income Fund, Inc.,<br>
Delaware Investments Colorado Municipal Income Fund, Inc.,<br>
Delaware Investments Minnesota Municipal Income Fund II, Inc. and<br>
Delaware Investments National Municipal Income Fund:</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund (the &#8220;Funds&#8221;) at March 31, 2011, and the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#8220;financial statements&#8221;) are the responsibility of the Funds&#8217; management; our responsibility is to express an opinion on these financial statements based on our audit.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statement of changes in net assets for the year ended March 31, 2010 and the financial highlights for each of the four years in the period ended March 31, 2010 were audited by other independent accountants whose report dated May 19, 2010 expressed an unqualified opinion on those statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">PricewaterhouseCoopers LLP</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Philadelphia, Pennsylvania<br>
May 19, 2011</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">34</font></div>

<div>&#160;</div>

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<br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Other Fund information<br>
</font><font size="5" style="FONT-FAMILY: Times New Roman">(Unaudited)</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments Closed-End Municipal Bond Funds</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Fund management</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Joseph R. Baxter<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Vice President, Head of Municipal Bond<br>
Department, Senior Portfolio Manager</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Joseph R. Baxter is the head of the municipal bond department and is responsible for setting the department&#8217;s investment strategy. He is also a co-portfolio manager of the firm&#8217;s municipal bond funds and several client accounts. Before joining Delaware Investments in 1999 as head municipal bond trader, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. Baxter received a bachelor&#8217;s degree in finance and marketing from La Salle University.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Stephen J. Czepiel<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Vice President, Senior Portfolio Manager</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Stephen J. Czepiel is a member of the firm&#8217;s municipal fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is a co-portfolio manager of the firm&#8217;s municipal bond funds and client accounts. He joined Delaware Investments in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor&#8217;s degree in finance and economics from Duquesne University.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Denise A. Franchetti, CFA<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Vice President, Portfolio Manager, Senior Research Analyst</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Denise A. Franchetti is a senior research analyst for the municipal bond department. Currently, she is responsible for following the airports/airlines, education, hotels, leases, turnpike/toll, and transportation sectors for the group. In 2003, she was also named as portfolio manager on several of the tax-exempt funds in addition to her research duties. Prior to joining Delaware Investments in 1997 as a municipal bond analyst, she was a fixed income trader at Provident Mutual Life Insurance and an investment analyst at General Accident Insurance. Franchetti received her bachelor&#8217;s degree and an MBA from La Salle University, and she is a member of the CFA Society of Philadelphia.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">35</font></div>

<div>&#160;</div>

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<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#ffffff"><font color="#b2b2b2">Other Fund information</font></font><br>
</font><font size="5" style="FONT-FAMILY: Times New Roman"><font color="#ffffff"><font color="#b2b2b2">(Unaudited)</font></font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Delaware Investments Closed-End Municipal Bond Funds</font></font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Proxy Results</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">At the Annual Meeting on August 18, 2010, the Funds&#8217; Shareholders elected nine directors/trustees. The results of the voting at the meeting were as follows:</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments Arizona Municipal Income Fund, Inc.</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="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Common Shareholders</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted for</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Withheld Authority</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,597,308</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">190,248</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Thomas L. Bennett</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,595,545</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">192,011</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">John A. Fry</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,597,958</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">189,598</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Anthony D. Knerr</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,597,958</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">189,598</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lucinda S. Landreth</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,597,958</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">189,598</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Ann R. Leven</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,595,545</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">192,011</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Thomas F. Madison</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,581,651</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">205,905</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Janet L. Yeomans</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,595,545</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">192,011</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">J. Richard Zecher</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,597,958</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">189,598</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</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="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Common Shareholders</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted for</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Withheld Authority</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,650,211</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">412,844</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Thomas L. Bennett</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,678,134</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">384,922</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">John A. Fry</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,675,108</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">387,948</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Anthony D. Knerr</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,617,422</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">445,634</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lucinda S. Landreth</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,677,194</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">385,862</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Ann R. Leven</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,632,902</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">430,153</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Thomas F. Madison</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,661,317</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">401,739</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Janet L. Yeomans</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,678,593</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">384,463</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">J. Richard Zecher</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">9,674,928</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">388,127</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.</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="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Common Shareholders</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted for</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Withheld Authority</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,464,098</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">123,478</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Thomas L. Bennett</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,464,098</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">123,478</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">John A. Fry</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,464,098</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">123,478</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Anthony D. Knerr</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,545,748</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">132,828</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lucinda S. Landreth</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,464,398</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">123,178</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Ann R. Leven</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,463,748</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">123,828</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Thomas F. Madison</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,437,639</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">149,937</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Janet L. Yeomans</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,465,398</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">122,178</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">J. Richard Zecher</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">4,452,837</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">134,739</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Delaware Investments National Municipal Income Fund</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="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Common Shareholders</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%">&#160;</td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Shares Voted for</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">Withheld Authority</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,189,272</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">120,357</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Thomas L. Bennett</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,142,928</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">166,701</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">John A. Fry</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,192,042</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">117,588</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Anthony D. Knerr</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,192,042</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">117,588</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Lucinda S. Landreth</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,189,672</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">119,957</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Ann R. Leven</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,192,442</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">117,188</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Thomas F. Madison</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,140,159</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">169,471</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: times new roman">Janet L. Yeomans</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,192,442</font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">117,188</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">J. Richard Zecher</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="3%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">2,192,042</font></td>
<td nowrap width="1%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="2%" bgcolor="#c0c0c0" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: times new roman">117,588</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">36</font></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="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Dividend Reinvestment Plan</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Each Fund offers an automatic dividend reinvestment program (&#8220;Plan&#8221;). Under the current policies of Arizona Municipal Income Fund, Minnesota Municipal Income Fund II, and National Municipal Income Fund all distributions of net investment income and capital gains to common shareholders are automatically reinvested in additional shares unless shareholders elect to receive all dividends and other distributions in cash paid by check mailed directly to shareholders by the dividend plan agent. Under the current policies of&#160;Colorado Municipal Income Fund, distributions of net investment income and capital gains to common shareholders will be paid in cash unless shareholders notify BNY Mellon Investor Services, Inc. (&#8220;BNY Mellon&#8221;) of their desire to participate in the dividend reinvestment program. Shareholders who hold their shares through a bank, broker or other nominee should request the bank, broker or nominee to participate in the Plan on their behalf. This can be done as long as the bank, broker or nominee provides a dividend reinvestment service for the Funds. If the bank, broker or nominee does not provide this service, such shareholders must have their shares taken out of &#8220;street&#8221; or nominee name and re-registered in their own name in order to participate in the Plan.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">BNY Mellon will apply all cash dividends, capital gains and other distributions (collectively, &#8220;Distributions&#8221;) on each Fund&#8217;s shares of common stock which become payable to each Plan participant to the purchase of outstanding shares of each Fund&#8217;s common stock for such participant. These purchases may be made on a securities exchange or in the over-the-counter market, and may be subject to such terms of price, delivery and related matters to which BNY Mellon may agree. The Funds will not issue new shares in connection with the Plan.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Distributions reinvested for participants are subject to income taxes just as if they had been paid directly to the shareholder in cash. Participants will receive a year-end statement showing distributions reinvested, and any brokerage commissions paid on such participant&#8217;s behalf.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Shareholders holding shares of a Fund in their own names who wish to terminate their participation in the Plan may do so by sending written instruction to BNY Mellon so that BNY Mellon receives such instructions at least 10 days prior to the Distribution record date. Shareholders with shares held in account by a bank, broker or other nominee should contact such bank, broker or other nominee to determine the procedure for withdrawal from the Plan.</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">If written instructions are not received by BNY Mellon at least 10 days prior to the record date for a particular Distribution, that Distribution may be reinvested at the sole discretion of BNY Mellon. After a shareholder&#8217;s instructions to terminate participation in the Plan become effective, Distributions will be paid to shareholders in cash. Upon termination, a shareholder may elect to receive either stock or cash for all the full shares in the account. If cash is elected, BNY Mellon will sell such shares at the then current market value and then send the net proceeds to the shareholder, after deducting brokerage commissions and related expenses. Any fractional shares at the time of termination will be paid in cash at the current market price, less brokerage commissions and related expenses, if any. Shareholders may at any time request a full or partial withdrawal of shares from the Plan, without terminating participation in the Plan. When shares outside of the Plan are liquidated, Distributions on shares held under the Plan will continue to be reinvested unless BNY Mellon is notified of the shareholder&#8217;s withdrawal from the Plan.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">An investor holding shares that participate in the Plan in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the Plan. Please contact your broker/dealer for additional details.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">BNY Mellon will charge participants their proportional share of brokerage commissions on market purchases. Participants may obtain a certificate or certificates for all or part of the full shares credited to their accounts at any time by making a request in writing to BNY Mellon. A fee may be charged to the participant for each certificate issuance. </font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">If you have any questions and shares are registered in &#8220;street&#8221; name, contact the broker/dealer holding the shares or your financial advisor. If you have any questions and shares are registered in your name, contact BNY Mellon at 800 851-9677.</font></div>

<div>&#160;</div>

<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">37</font></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="left"><font size="6" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Other Fund information</font><br>
</font><font size="5" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">(Unaudited)</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#b2b2b2">Delaware Investments Closed-End Municipal Bond Funds</font></font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Change in Independent Registered Public Accounting Firm</font></font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Due to independence matters under the Securities and Exchange Commission&#8217;s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst &amp; Young LLP (E&amp;Y) has resigned as the independent registered public accounting firm for Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc., and Delaware Investments National Municipal Income Fund (the Funds) effective May 27, 2010. At a meeting held on February 18, 2010, the Board of Directors/Trustees of the Funds, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLC (PwC) to serve as the independent registered public accounting firm for the Funds for the fiscal year ending March 31, 2011. During the fiscal years ended March 31, 2009 and March 31, 2010, E&amp;Y&#8217;s audit reports on the financial statements of the Funds did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Funds and E&amp;Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&amp;Y, would have caused them to make reference to the disagreement in their reports. None of the Funds nor anyone on their behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Funds&#8217; financial statements.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">38</font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
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<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="6" style="FONT-FAMILY: Times New Roman">Board of trustees/directors<br>
and officers addendum </font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: 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"> Family of Funds</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">A mutual fund is governed by a Board of Trustees/Directors (&#8220;Trustees&#8221;), which has oversight responsibility for the management of a fund&#8217;s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Number of</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Portfolios in Fund</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Other</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Name,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Complex Overseen</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Directorships</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Address,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Position(s)</font></td>
<td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Length of</font></td>
<td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Principal Occupation(s)</font></td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">by Trustee</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held by</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">and Birth Date</font></td>
<td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held with Fund(s)</font></td>
<td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Time Served</font></td>
<td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">During Past 5 Years</font></td>
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">or Officer</font></td>
<td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Trustee or Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: times new roman">Interested Trustees</font></font></td>
<td align="left" nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Patrick P. Coyne<font style="FONT-WEIGHT: bold; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">April 1963</div>

<div style="TEXT-ALIGN: center">&#160;</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Chairman,<br>
President,<br>
Chief Executive<br>
Officer, and<br>
Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Chairman and Trustee<br>
since August 16, 2006</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">President and<br>
Chief Executive Officer<br>
since August 1, 2006</div>

<div style="TEXT-ALIGN: center">&#160;</div>
</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Patrick P. Coyne has served in<br>
various executive capacities<br>
at different times at<br>
Delaware Investments.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Director<br>
Kaydon Corp.</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Board of Governors<br>
Member<br>
Investment Company<br>
Institute (ICI)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Finance Committee<br>
Member &#8211;<br>
St. John Vianney<br>
Roman Catholic Church</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Board of Trustees &#8211;<br>
Agnes Irwin School</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Member of Investment<br>
Committee &#8211;<br>
Cradle of Liberty<br>
Council, BSA<br>
(2007 &#8211; 2010)</div>
</td>
</tr><tr>
<td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Independent Trustees</font></font></td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Thomas L. Bennett</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">October 1947</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Trustee</div>

<div style="TEXT-ALIGN: center">&#160;</div>
</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>
March 2005</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Private Investor<br>
(March 2004&#8211;Present)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Investment Manager<br>
Morgan Stanley &amp; Co.<br>
(January 1984&#8211;March 2004)</div>

<div style="TEXT-ALIGN: center">&#160;</div>
</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Director<br>
Bryn Mawr<br>
Bank Corp. (BMTC)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Chairman of<br>
Investment Committee<br>
&#8211;Pennsylvania Academy<br>
of Fine Arts</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Investment Committee<br>
and Governance<br>
Committee Member&#8211;<br>
Pennsylvania<br>
Horticultural Society</div>
</td>
</tr></table>
</div>

<br>
<div align="right"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman"><font color="#808080">(continues)</font>&#160;&#160;&#160;&#160;&#160;</font></font><font size="2" style="FONT-FAMILY: Times New Roman">39</font></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>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Number of</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Portfolios in Fund</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Other</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Name,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Complex Overseen</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Directorships</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Address,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Position(s)</font></td>
<td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Length of</font></td>
<td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Principal Occupation(s)</font></td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">by Trustee</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held by</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">and Birth Date</font></td>
<td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Held with Fund(s)</font></td>
<td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Time Served</font></td>
<td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">During Past 5 Years</font></td>
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">or Officer</font></td>
<td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Trustee or Officer</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="6" nowrap valign="top" width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: times new roman">Independent Trustees (continued)</font></font></td>
</tr><tr>
<td align="center" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">John A. Fry<br>
</font>2005 Market Street<br>
Philadelphia, PA<br>
19103<br>
&#160;<br>
May 1960</td>
<td align="center" nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Trustee</td>
<td align="center" nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Since<br>
January 2001</td>
<td align="center" nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">
<div style="TEXT-ALIGN: center">President <br>
Drexel University<br>
(August 2010&#8211;Present)&#160;</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">President <br>
Franklin &amp; Marshall College<br>
(July 2002&#8211;Present)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Executive Vice President<br>
University of Pennsylvania<br>
(April 1995&#8211;June2002)</div>
</td>
<td align="center" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">77</td>
<td align="center" nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">
<div>Board of<br>
Governors Member&#8211;<br>
NASDAQ OMIX<br>
PHLX LLC<br>
&#160;<br>
Director &#8211; <br>
Community Health<br>
Systems<br>
Director &#8211; ECORE<br>
(2009 &#8211; 2010)</div>

<div>&#160;</div>

<div>Director &#8211;<br>
Allied Banton<br>
Securities Holdings<br>
(From 2005 to 2008)</div>
</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Anthony D. Knerr</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">December 1938</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>
April 1990</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Founder and Managing Director<br>
Anthony Knerr &amp; Associates<br>
(Strategic Consulting)<br>
(1990&#8211;Present)</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Lucinda S. Landreth</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">June 1947</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>
March 2005</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Chief Investment Officer<br>
Assurant, Inc.<br>
(Insurance)<br>
(2002&#8211;2004)</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Ann R. Leven</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">November 1940</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>
October 1989</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Consultant<br>
ARL Associates<br>
(Financial Planning)<br>
(1983&#8211;Present)</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Director and Audit<br>
Committee Chair &#8211;<br>
Systemax Inc.<br>
(2001&#8211; 2009)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Director and Audit<br>
Committee Chairperson<br>
&#8211; Andy Warhol<br>
Foundation<br>
(1999 &#8211; 2007)</div>
</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Thomas F. Madison</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">February 1936</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Since<br>
May 1997<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">President and<br>
Chief Executive Officer<br>
MLM Partners, Inc.<br>
(Small Business Investing<br>
and Consulting)<br>
(January 1993&#8211;Present)</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Director and Chair of<br>
Compensation<br>
Committee,<br>
Governance Committee<br>
Member&#8211;<br>
CenterPoint Energy</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Lead Director and Chair<br>
of Audit<br>
and Governance<br>
Committees,<br>
Member of<br>
Compensation<br>
Committee&#8211;<br>
Digital River, Inc.</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Director and Chair of<br>
Governance<br>
Committee, Audit<br>
Committee Member&#8211;<br>
Rimage Corporation</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Director and Chair of<br>
Compensation<br>
Committee&#8211;<br>
Spanlink<br>
Communications</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Lead Director and<br>
Member of<br>
Compensation<br>
and Governance<br>
Committees&#8211;<br>
Valmont Industries, Inc.</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Director -<br>
Banner Health<br>
(From 1996 to 2007)</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: Times New Roman">40</font></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>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 8pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="16%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Number of</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center">&#160;</td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Portfolios in Fund</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Other</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Name,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="15%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="22%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Complex Overseen</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Directorships</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Address,</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Position(s)</font></td>
<td nowrap width="15%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Length of</font></td>
<td nowrap width="22%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Principal Occupation(s)</font></td>
<td nowrap width="16%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">by Trustee</font></td>
<td nowrap width="12%" style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Held by</font></td>
</tr><tr valign="bottom">
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">and Birth Date</font></td>
<td nowrap width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Held with Fund(s)</font></td>
<td nowrap width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Time Served</font></td>
<td nowrap width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">During Past 5 Years</font></td>
<td nowrap width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">or Officer</font></td>
<td nowrap width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal; FONT-FAMILY: times new roman">Trustee or Officer</font></td>
</tr><tr valign="bottom">
<td align="left" colspan="6" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font color="#b2b2b2" style="FONT-FAMILY: times new roman">Independent Trustees (continued)</font></font></td>
</tr><tr>
<td align="center" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Janet L. Yeomans</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">July 1948</div>
</td>
<td align="center" nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Trustee</td>
<td align="center" nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Since<br>
April 1999</td>
<td align="center" nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Vice President and Treasurer<br>
(January 2006&#8211;Present)<br>
Vice President &#8212; Mergers &amp; Acquisitions<br>
(January 2003&#8211;January 2006), and<br>
Vice President<br>
(July 1995&#8211;January 2003)<br>
3M Corporation</td>
<td align="center" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">77</td>
<td align="center" nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid">Director &#8211;<br>
Okabena Company</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">J. Richard Zecher</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">July 1940</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Trustee</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">Since<br>
March 2005</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Founder<br>
Investor Analytics<br>
(Risk Management)<br>
(May 1999&#8211;Present)</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Founder<br>
Sutton Asset Management<br>
(Hedge Fund)<br>
(September 1996&#8211;Present)</div>
</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">Director and Audit<br>
Committee Member &#8211;<br>
Investor Analytics</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">Director - Oxigene, Inc.<br>
(From 2003 to 2008)</div>
</td>
</tr><tr>
<td align="left" nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid"><font color="#b2b2b2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Officers</font></font></td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">David F. Connor</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">December 1963</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President,<br>
Deputy General<br>
Counsel, and Secretary</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President since<br>
September 2000<br>
and Secretary<br>
since<br>
October 2005</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">David F. Connor has served as<br>
Vice President and Deputy<br>
General Counsel of<br>
Delaware Investments<br>
since 2000.</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Daniel V. Geatens</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">October 1972</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Vice President<br>
and Treasurer</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Treasurer<br>
since<br>
October 25, 2007</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Daniel V. Geatens has served<br>
in various capacities at<br>
different times at<br>
Delaware Investments.</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">David P. O&#8217;Connor</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">February 1966</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior Vice<br>
President,<br>
General Counsel,<br>
and Chief<br>
Legal Officer</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior Vice President,<br>
General Counsel, and<br>
Chief Legal Officer<br>
since<br>
October 2005</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">&#160;&#160; David P. O&#8217;Connor has served in&#160;&#160; <br>
various executive and legal<br>
capacities at different times<br>
at Delaware Investments.</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
</tr><tr>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">Richard Salus</font><br>
2005 Market Street<br>
Philadelphia, PA<br>
19103</div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: center">October 1963</div>
</td>
<td nowrap valign="top" width="18%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Senior<br>
Vice President<br>
and<br>
Chief Financial<br>
Officer</td>
<td nowrap valign="top" width="15%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Chief Financial<br>
Officer since<br>
November 2006</td>
<td nowrap valign="top" width="22%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">Richard Salus has served in<br>
various executive capacities<br>
at different times at<br>
Delaware Investments.</td>
<td nowrap valign="top" width="16%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">77</td>
<td nowrap valign="top" width="12%" style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: center">None<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></td>
</tr></table>
</div>

<br>
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-LEFT: 6pt; FONT-SIZE: 8pt; TEXT-INDENT: -6pt; BORDER-COLLAPSE: collapse; ">
<tr>
<td width="100%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> Patrick P. Coyne is considered to be an &#8220;Interested Trustee&#8221; because he is an executive officer of the Fund&#8217;s(s&#8217;) investment advisor.</font></div>
</td>
</tr><tr>
<td width="100%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund&#8217;s(s&#8217;) investment advisor, principal underwriter, and its transfer agent.</font></div>
</td>
</tr><tr>
<td width="100%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> In 1997, several funds managed by Voyageur Fund Managers, Inc. (the &#8220;Voyageur Funds&#8221;) were incorporated into the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds. Mr. Madison served as a director of the Voyageur Funds from 1993 until 1997.</font></div>
</td>
</tr><tr>
<td width="100%">
<div align="left"><font size="1" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> David F. Connor, Daniel V. Geatens, David P. O&#8217;Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.</font></div>
</td>
</tr></table>
</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.</font></div>

<div>&#160;</div>

<div align="right"><font size="2" style="FONT-FAMILY: Times New Roman">41</font></div>

<div>&#160;</div>

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<br>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="6" style="FONT-FAMILY: Times New Roman">About the organization</font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">This annual report is for the information of Delaware Investments Closed-End Municipal Bond Funds shareholders. Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Funds may, from time to time, purchase shares of their common stock on the open market at market prices.</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td nowrap valign="top" width="33%">
<div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman">Board of directors/trustees</font></div>
</td>
<td nowrap valign="top" width="33%">
<div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman">Affiliated officers</font></div>
</td>
<td nowrap valign="top" width="33%">
<div align="left"><font color="#b2b2b2" style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman">Contact information</font></div>
</td>
</tr><tr>
<td nowrap valign="top" width="33%">&#160; </td>
<td nowrap valign="top" width="33%">&#160; </td>
<td nowrap valign="top" width="33%">&#160; </td>
</tr><tr>
<td nowrap valign="top" width="33%">
<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Patrick P. Coyne</font><br>
Chairman, President,<br>
and Chief Executive Officer<br>
Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas L. Bennett<br>
</font>Private Investor<br>
Rosemont, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">John A. Fry</font><br>
President<br>
Drexel University<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Anthony D. Knerr<br>
</font>Founder and Managing Director<br>
Anthony Knerr &amp; Associates<br>
New York, NY</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Lucinda S. Landreth<br>
</font>Former Chief Investment Officer<br>
Assurant, Inc.<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ann R. Leven<br>
</font>Consultant<br>
ARL Associates<br>
New York, NY</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas F. Madison<br>
</font>President and Chief Executive Officer<br>
MLM Partners, Inc.<br>
Minneapolis, MN</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Janet L. Yeomans<br>
</font>Vice President and Treasurer<br>
3M Corporation<br>
St. Paul, MN</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">J. Richard Zecher<br>
</font>Founder<br>
Investor Analytics<br>
Scottsdale, AZ</font></div>
</td>
<td nowrap valign="top" width="33%">
<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">David F. Connor<br>
</font>Vice President, Deputy General Counsel,<br>
and Secretary<br>
Delaware Investments Family of Funds<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Daniel V. Geatens<br>
</font>Vice President and Treasurer<br>
Delaware Investments Family of Funds<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">David P. O&#8217;Connor<br>
</font>Senior Vice President, General Counsel,<br>
and Chief Legal Officer<br>
Delaware Investments Family of Funds<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Richard Salus<br>
</font>Senior Vice President and<br>
Chief Financial Officer<br>
Delaware Investments Family of Funds<br>
Philadelphia, PA</font></div>

<div>&#160;</div>
</td>
<td nowrap valign="top" width="33%">
<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Investment manager<br>
</font>Delaware Management Company,<br>
a series of Delaware Management<br>
Business Trust<br>
Philadelphia, PA</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal office of the Funds<br>
</font>2005 Market Street<br>
Philadelphia, PA 19103-7057</font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Independent registered public<br>
accounting firm<br>
</font>PricewaterhouseCoopers LLP<br>
2001 Market Street<br>
Philadelphia, PA 19103-7094 </font></div>

<div>&#160;</div>

<div><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registrar and stock transfer<br>
agent<br>
</font>BNY Mellon Shareowner Services<br>
480 Washington Blvd.<br>
Jersey City, NJ 07310<br>
800 851-9677</font></div>

<div>&#160;</div>
</td>
</tr></table>
</div>

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

<div align="left"><font color="#b2b2b2" style="FONT-FAMILY: Times New Roman">Your reinvestment options</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Each of the Funds offers an automatic dividend reinvestment program. If you would like to reinvest dividends, and shares are registered in your name, contact BNY Mellon Shareowner Services at 800 851-9677. You will be asked to put your request in writing. If you have shares registered in &#8220;street&#8221; name, contact the broker/dealer holding the shares or your financial advisor.</font></div>

<div>&#160;</div>

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund&#8217;s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC&#8217;s Web site at www.sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund&#8217;s Schedule of Investments are available without charge on the Fund&#8217;s Web site at www.delawareinvestments.com. Each Fund&#8217;s Forms N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.</font></div>

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

<div align="left"><font size="1" style="FONT-FAMILY: Times New Roman">Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund&#8217;s Web site at www.delawareinvestments.com; and (ii) on the SEC&#8217;s Web site at www.sec.gov.</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">For securities dealers and financial institutions representatives</font></font><br>
<font size="2" style="FONT-FAMILY: Times New Roman">800 362-7500</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Web site</font></font><br>
<font size="2" style="FONT-FAMILY: Times New Roman">www.delawareinvestments.com</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Number of recordholders as of</font></font><br>
<font size="2" style="FONT-FAMILY: Times New Roman">March 31, 2011</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Arizona Municipal Income Fund</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">50</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Colorado Municipal</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="2%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Income Fund</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: times new roman">106</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Minnesota Municipal Income</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="2%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="97%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Fund II</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">515</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">National Municipal Income Fund</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="2%"><font size="2" style="FONT-FAMILY: times new roman">90</font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">42</font></div>

<div>&#160;</div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 2. Code of Ethics</font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The registrant has adopted a code of ethics that applies to the registrant&#8217;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant&#8217;s Code of Business Ethics has been posted on the Delaware Investments Internet Web site at </font><font size="2" style="FONT-FAMILY: Times New Roman">www.delawareinvestments.com</font><font size="2" style="FONT-FAMILY: Times New Roman">. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 3. Audit Committee Financial Expert </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The registrant&#8217;s Board of Trustees/Directors has determined that each member of the registrant&#8217;s Audit Committee is an audit committee financial expert, as defined below. For purposes of this item, an &#8220;audit committee financial expert&#8221; is a person who has the following attributes: </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>a. An understanding of generally accepted accounting principles and financial statements; </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant&#8217;s financial statements, or experience actively supervising one or more persons engaged in such activities; </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>d. An understanding of internal controls and procedures for financial reporting; and</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>e. An understanding of audit committee functions. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">An &#8220;audit committee financial expert&#8221; shall have acquired such attributes through: </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions; </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions; </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>d. Other relevant experience.</font></div>

<div>&#160;</div>

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<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The registrant&#8217;s Board of Trustees/Directors has also determined that each member of the registrant&#8217;s Audit Committee is independent. In order to be &#8220;independent&#8221; for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an &#8220;interested person&#8221; of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The names of the audit committee financial experts on the registrant&#8217;s Audit Committee are set forth below: </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>John A. Fry<br>
<font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Thomas F. Madison<br>
<font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Janet L. Yeomans </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 4. Principal Accountant Fees and Services</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(a) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Audit fees</font></font><font size="2" style="FONT-FAMILY: Times New Roman">. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#8217;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $10,600 for the fiscal year ended March 31, 2011. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#8217;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $10,338 for the fiscal year ended March 31, 2010. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(b) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Audit-related fees</font></font><font size="2" style="FONT-FAMILY: Times New Roman">. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the registrant&#8217;s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2011. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $593,000 for the registrant&#8217;s fiscal year ended March 31, 2011. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">de</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> <font style="TEXT-DECORATION: underline">minimis</font> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: audit procedures performed for both the reporting up on Delaware balances for consolidation into the parent company, Macquarie. Also, included are the fees for each of the statutory audits performed on the advisor and its affiliates/subsidiaries.</font></div>

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<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the registrant&#8217;s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2010. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2010.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(c) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Tax fees</font></font><font size="2" style="FONT-FAMILY: Times New Roman">. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant were $1,850 for the fiscal year ended March 31, 2011. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">de</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> <font style="DISPLAY: inline; TEXT-DECORATION: underline">minimis</font> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $10,000 for the registrant&#8217;s fiscal year ended March 31, 2011. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">de</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> <font style="DISPLAY: inline; TEXT-DECORATION: underline">minimis</font> </font></font><font size="2" style="FONT-FAMILY: Times New Roman">exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: state and local tax services. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant were $2,250 for the fiscal year ended March 31, 2010. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">de</font></font><font size="2" style="FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">minimis</font> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns, review of annual excise distribution calculations, and tax compliance services with respect to investments in foreign securities.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant&#8217;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2010.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(d) </font><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">All other fees</font></font><font size="2" style="FONT-FAMILY: Times New Roman">.</font></div>

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<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2011.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#8217;s independent auditors to the registrant&#8217;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2011.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2010. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#8217;s independent auditors to the registrant&#8217;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2010. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(e) The registrant&#8217;s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the &#8220;Pre-Approval Policy&#8221;) with respect to services provided by the registrant&#8217;s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds. </font></div>

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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="74%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Service</font></font></td>
<td nowrap width="25%" bgcolor="#c0c0c0" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Range of Fees</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Audit Services</font></font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td align="left" nowrap width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Statutory audits or financial audits for new Funds</font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $25,000 per Fund</font></td>
</tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters</font></td>
<td align="left" nowrap valign="middle" width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $10,000 per Fund</font></td>
</tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered &#8220;audit-related services&#8221; rather than &#8220;audit services&#8221;)</font></td>
<td align="left" nowrap valign="middle" width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $25,000 in the aggregate</font></td>
</tr><tr valign="bottom">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Audit-Related Services</font></font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered &#8220;audit services&#8221; rather than &#8220;audit-related services&#8221;)</font></td>
<td align="left" nowrap valign="middle" width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $25,000 in the aggregate</font></td>
</tr><tr valign="bottom">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Tax Services</font></font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds&#8217; tax compliance function, etc.)</font></td>
<td align="left" nowrap valign="middle" width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $25,000 in the aggregate</font></td>
</tr><tr valign="bottom">
<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)</font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $5,000 per Fund</font></td>
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<td align="left" width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">Review of federal, state, local and international income, franchise and other tax returns</font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $5,000 per Fund</font></td>
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<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant&#8217;s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the &#8220;Control Affiliates&#8221;) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates. </font></div>

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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap width="74%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Service</font></font></td>
<td nowrap width="25%" bgcolor="#c0c0c0" style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Range of Fees</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Non-Audit Services</font></font></td>
<td align="left" nowrap width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
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<td width="74%" style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters</font></td>
<td align="left" nowrap valign="middle" width="25%" style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">up to $10,000 in the aggregate</font></td>
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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The Pre-Approval Policy requires the registrant&#8217;s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(f) Not applicable. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(g) The aggregate non-audit fees billed by the registrant&#8217;s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $25,000 and $201,964 for the registrant&#8217;s fiscal years ended March 31, 2011 and March 31, 2010, respectively.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(h) In connection with its selection of the independent auditors, the registrant&#8217;s Audit Committee has considered the independent auditors&#8217; provision of non-audit services to the registrant&#8217;s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors&#8217; provision of these services is compatible with maintaining the auditors&#8217; independence. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 5. Audit Committee of Listed Registrants </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the registrant&#8217;s Audit Committee are John A. Fry, Thomas F. Madison and Janet L. Yeomans. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 6. Investments </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Not applicable. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies </font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The registrant has formally delegated to its investment adviser(s) (the &#8220;Adviser&#8221;) the ability to make all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the &#8220;Procedures&#8221;). The Adviser has established a Proxy Voting Committee (the &#8220;Committee&#8221;) which is responsible for overseeing the Adviser&#8217;s proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Adviser to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>In order to facilitate the actual process of voting proxies, the Adviser has contracted with Institutional Shareholder Services (&#8220;ISS&#8221;), a subsidiary of RiskMetrics Group (&#8220;RiskMetrics&#8221;), which is a subsidiary of MSCI Inc., to analyze proxy statements on behalf of the registrant and other Adviser clients and vote proxies generally in accordance with the Procedures. The Committee is responsible for overseeing ISS/RiskMetrics&#8217;s proxy voting activities. If a proxy has been voted for the registrant, ISS/RiskMetrics will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the registrant&#8217;s website at http://www.delawareinvestments.com; and (ii) on the Commission&#8217;s website at http://www.sec.gov. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The Procedures contain a general guideline that recommendations of company management on an issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. However, the Adviser will normally vote against management&#8217;s position when it runs counter to its specific Proxy Voting Guidelines (the &#8220;Guidelines&#8221;), and the Adviser will also vote against management&#8217;s recommendation when it believes that such position is not in the best interests of the registrant.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote against proposals to require a supermajority shareholder vote; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value; (iv) generally vote against proposals to create a new class of common stock with superior voting rights; (v) generally vote re-incorporation proposals on a case-by-case basis; (vi) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; and (vii) generally vote for proposals requesting reports on the level of greenhouse gas emissions from a company&#8217;s operations and products. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Because the registrant has delegated proxy voting to the Adviser, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, the Adviser does have a section in its Procedures that addresses the possibility of conflicts of interest. Most proxies which the Adviser receives on behalf of the registrant are voted by ISS/RiskMetrics in accordance with the Procedures. Because almost all registrant proxies are voted by ISS/RiskMetrics pursuant to the pre-determined Procedures, it normally will not be necessary for the Adviser to make an actual determination of how to vote a particular proxy, thereby largely eliminating conflicts of interest for the Adviser during the proxy voting process. In the very limited instances where the Adviser is considering voting a proxy contrary to ISS/RiskMetrics&#8217;s recommendation, the Committee will first assess the issue to see if there is any possible conflict of interest involving the Adviser or affiliated persons of the Adviser. If a member of the Committee has actual knowledge of a conflict of interest, the Committee will normally use another independent third party to do additional research on the particular proxy issue in order to make a recommendation to the Committee on how to vote the proxy in the best interests of the registrant. The Committee will then review the proxy voting materials and recommendation provided by ISS/RiskMetrics and the independent third party to determine how to vote the issue in a manner which the Committee believes is consistent with the Procedures and in the best interests of the registrant.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 8. Portfolio Managers of Closed-End Management Investment Companies</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Other Accounts Managed<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of March 31, 2011, unless otherwise noted. Any accounts managed in a personal capacity appear under &#8220;Other Accounts&#8221; along with the other accounts managed on a professional basis. The personal account information is current as of June 30, 2010. </font></div>

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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="27%" bgcolor="#000000">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#000000">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#000000">&#160;</td>
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<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Assets in</font></font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%" bgcolor="#000000">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#000000">&#160;</td>
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<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">No. of Accounts with</font></font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Accounts with</font></font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%" bgcolor="#000000">&#160;</td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">No. of</font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total Assets</font></font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Performance-Based</font></font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Performance-</font></font></font></td>
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<td align="left" nowrap width="27%" bgcolor="#000000">&#160;</td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font size="2" style="FONT-FAMILY: times new roman">Accounts</font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Managed</font></font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Fees</font></font></font></td>
<td nowrap width="18%" bgcolor="#000000" style="TEXT-ALIGN: center"><font color="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Based Fees</font></font></font></td>
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<td align="left" nowrap width="27%" bgcolor="#e9e9e9"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Joseph R. Baxter</font></font></td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Registered Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">19</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$4.4 billion</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">41</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$1.9 billion</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
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<td align="left" nowrap width="27%" bgcolor="#e9e9e9"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Stephen J. Czepiel</font></font></td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Registered Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">19</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$4.4 billion</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
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<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">35</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$2.3 billion</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%" bgcolor="#e9e9e9"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Denise A. Franchetti</font></font></td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
<td align="left" nowrap width="18%" bgcolor="#e9e9e9">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Registered Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">4</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$292.7 million</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Companies</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Pooled Investment</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Vehicles</font></td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
<td align="left" nowrap width="18%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other Accounts</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">3</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Under $1 million</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">0</font></td>
<td nowrap width="18%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">$0</font></td>
</tr></table>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">DESCRIPTION OF MATERIAL CONFLICTS OF INTEREST </font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Funds and the investment action for such other fund or account and the Funds may differ. For example, an account or fund may be selling a security, while another account or Fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account or Fund. Additionally, the management of multiple other funds or accounts and the Funds may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Manager has adopted procedures designed to allocate investments fairly across multiple funds or accounts. </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">A portfolio manager&#8217;s management of personal accounts also may present certain conflicts of interest. While Delaware&#8217;s code of ethics is designed to address these potential conflicts, there is no guarantee that it will do so.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Compensation Structure&#160;<br>
</font></font>&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">Each portfolio&#8217;s manager&#8217;s compensation consists of the following: </font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Base Salary -</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"> </font></font><font size="2" style="FONT-FAMILY: Times New Roman">Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Bonus</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"> - </font></font><font size="2" style="FONT-FAMILY: Times New Roman">An objective component is added to the bonus for each manager that is reflective of account performance relative to an appropriate peer group or database. The following paragraph describes the structure of the non-guaranteed bonus. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The amount of the pool for bonus payments is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. Generally, 60%-75% of the bonus is quantitatively determined. For more senior portfolio managers, a higher percentage of the bonus is quantitatively determined. For investment companies, each manager is compensated according the Fund&#8217;s Lipper or Morningstar peer group percentile ranking on a one-year, three-year, and five-year basis, with longer-term performance more heavily weighted. For managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the Frank Russell and Callan Associates databases (or similar sources of relative performance data) on a one-year, three-year, and five-year basis, with longer term performance more heavily weighted. There is no objective award for a fund that falls below the 50<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> percentile, but incentives reach maximum potential at the 25<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>-30<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> percentile. There is a sliding scale for investment companies that are ranked above the 50<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> percentile. The remaining 25%-40% portion of the bonus is discretionary as determined by Delaware Investments and takes into account subjective factors.</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager&#8217;s actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time. </font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Incentive Plan/Equity Compensation Plan</font></font></font><font size="2" style="FONT-FAMILY: Times New Roman"> - Portfolio managers may be awarded options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, and performance awards (collectively, &#8220;Awards&#8221;) relating to the underlying shares of common stock of Delaware Investments U.S., Inc. pursuant to the terms of the Delaware Investments U.S., Inc. 2009 Incentive Compensation Plan (the &#8220;Plan&#8221;) established on March 24, 2009. Since the establishment of the Plan, Awards are no longer granted under the Amended and Restated Delaware Investments U.S., Inc. Incentive Compensation Plan effective December 26, 2008, which was established in 2001.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The Plan was established in order to: assist the Manager in attracting, retaining, and rewarding key employees of the company; enable such employees to acquire or increase an equity interest in the company in order to align the interest of such employees and the Manager; and provide such employees with incentives to expend their maximum efforts. Subject to the terms of the Plan and applicable award agreements, Awards typically vest in 25% increments on a four-year schedule, and shares of common stock underlying the Awards are issued after vesting. Shares issued typically must be held for six months and one day, after which time the stockholder may put them back to the company, subject to any applicable holding requirements. The fair market value of the shares of Delaware Investments U.S., Inc., is normally determined as of each March 31, June 30, September 30 and December 31. The fair market value of shares of common stock underlying Awards granted on or after December 26, 2008 is determined by an independent appraiser utilizing an appraisal valuation methodology in compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Other Compensation </font></font></font><font size="2" style="FONT-FAMILY: Times New Roman">- Portfolio managers may also participate in benefit plans and programs available generally to all employees.</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="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ownership of Securities<br>
</font></font><font size="2" style="FONT-FAMILY: Times New Roman">As of May 13, 2011, the portfolio managers of the Fund did not own any Fund shares. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Not applicable. </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 10. Submission of Matters to a Vote of Security Holders</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Not applicable.</font></div>

<div>&#160;</div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Item 11. Controls and Procedures </font></div>

<div>&#160;</div>

<div align="left">&#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="left"><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 second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant&#8217;s fourth fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting. </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="3" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Item 12. Exhibits</font></td>
</tr><tr>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(a)&#160; </font></td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(1)&#160; </font></td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">Code of Ethics</font></td>
</tr><tr>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">Not applicable.</font></td>
</tr><tr>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(2)</font></td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(3)</font></td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%"><font size="2" style="FONT-FAMILY: times new roman">Not applicable.</font></td>
</tr><tr>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" nowrap valign="top" width="1%">&#160;</td>
<td align="left" valign="top" width="97%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td align="left" colspan="2" nowrap valign="top" width="1%"><font size="2" style="FONT-FAMILY: times new roman">Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.</font></td>
</tr></table>
</div>

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

<div>&#160;</div>

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

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" colspan="2" nowrap width="99%" 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="19%"><font size="2" style="FONT-FAMILY: times new roman">By:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr>
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Date:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">June 1, 2011</font></td>
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<br>
<div align="left"><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>

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<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" colspan="2" nowrap width="99%" 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="19%"><font size="2" style="FONT-FAMILY: times new roman">By:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr>
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Date:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">June 1, 2011</font></td>
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<td align="left" colspan="2" nowrap width="99%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">RICHARD SALUS</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">By:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font></td>
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<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Chief Financial Officer</font></td>
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<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Date:</font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">June 1, 2011</font></td>
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<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 99.CERT </font></font></div>

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">CERTIFICATION</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="left"><font size="2" style="FONT-FAMILY: Times New Roman">I, Patrick P. Coyne, certify that: </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="">
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<td nowrap valign="top" style="BORDER-TOP: #ffffff 1.5pt solid"><font size="2" style="FONT-FAMILY: times new roman">1.&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-CSR of Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font></font><font size="2" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"> </font></font><font size="2" style="FONT-FAMILY: times new roman">National Municipal Income Fund;</font></td>
</tr><tr>
<td colspan="4">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td colspan="3" width="100%"><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 colspan="4">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></td>
</tr><tr>
<td colspan="4">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">4.</font></td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></td>
</tr><tr>
<td colspan="4">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td width="100%"><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 colspan="4">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td width="100%"><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 colspan="4">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(c)</font></td>
<td width="100%"><font size="2" style="FONT-FAMILY: times new roman">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(d)</font></td>
<td width="100%"><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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></td>
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</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">5.&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</font></td>
</tr><tr>
<td colspan="4">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td width="100%"><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's ability to record, process, summarize, and report financial information; and</font></td>
</tr><tr>
<td colspan="4">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td width="100%"><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's internal control over financial reporting.</font></td>
</tr></table>
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<br>
<font size="2" style="FONT-FAMILY: Times New Roman">Date: June 1, 2011&#160;<br>
&#160;</font>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="99%" 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="19%"><font size="2" style="FONT-FAMILY: times new roman">By:</font> </td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font> </td>
</tr><tr valign="bottom">
<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font>&#160;&#160;&#160;&#160; </td>
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<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">CERTIFICATION</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="left"><font size="2" style="FONT-FAMILY: Times New Roman">I, Richard Salus, certify that: </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
<td nowrap valign="top" style="BORDER-TOP: #ffffff 1.5pt solid"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td width="100%"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-CSR of Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174; </font>National Municipal Income Fund;</font></td>
</tr><tr>
<td colspan="2">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td valign="top" width="100%"><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 colspan="2" valign="top">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></td>
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<td valign="top" width="100%"><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>
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<td nowrap valign="top">&#160;</td>
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<td colspan="4" valign="top" width="100%">&#160;</td>
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<td nowrap valign="top">&#160;</td>
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<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></td>
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<td nowrap valign="top">&#160;</td>
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<td valign="top" width="100%"><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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
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<div><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div><font size="2" style="FONT-FAMILY: Times New Roman">Date:&#160;June 1, 2011&#160;&#160;</font></div>

<div>&#160;</div>

<div>
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<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">By:</font> </td>
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font> </td>
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<td align="left" nowrap width="19%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exhibit99_906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">EXHIBIT 99.906CERT</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </font></font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), each of the undersigned officers of the registrant does hereby certify, to the best of such officer&#8217;s knowledge, that: </font></div>

<div>&#160;</div>

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<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and</font></td>
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<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</font></td>
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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Date:&#160;June 1, 2011&#160;</font></div>

<div>&#160;</div>

<div align="left">
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<td align="left" nowrap width="78%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font> </td>
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<td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160; </font></td>
<td align="left" nowrap width="78%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
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<td colspan="2" nowrap width="99%">&#160; </td>
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<td colspan="2" nowrap width="99%">&#160; </td>
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<td align="left" colspan="2" nowrap width="99%" 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="21%"><font size="2" style="FONT-FAMILY: times new roman">By:</font> </td>
<td align="left" nowrap width="78%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font> </td>
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<td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: times new roman">Title:</font></td>
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<div>&#160;</div>

<div align="left">
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request. </font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
