<SEC-DOCUMENT>0001206774-11-001970.txt : 20110829
<SEC-HEADER>0001206774-11-001970.hdr.sgml : 20110829
<ACCEPTANCE-DATETIME>20110829170137
ACCESSION NUMBER:		0001206774-11-001970
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110829
DATE AS OF CHANGE:		20110829
EFFECTIVENESS DATE:		20110829

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		111063439

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>dgnational_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">UNITED STATES <br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549 </font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF<br>
REGISTERED MANAGEMENT INVESTMENT COMPANY </font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Investment Company Act file number:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">811-07410</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Exact name of registrant as specified in charter:</font></td>
<td align="left" nowrap width="49%">
<div align="justify"><font size="2" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman">Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> National</font></font></div>
</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Municipal Income Fund</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Address of principal executive offices:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Name and address of agent for service:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">David F. Connor, Esq.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">2005 Market Street</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">Philadelphia, PA 19103</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Registrant&#8217;s telephone number, including area code:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">(800) 523-1918</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date of fiscal year end:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">March 31</font></td>
</tr><tr>
<td align="left" nowrap width="50%">&#160;</td>
<td align="left" nowrap width="49%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date of reporting period:</font></td>
<td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: times new roman">June 30, 2011</font></td>
</tr></table>

&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
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<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Item 1. Schedule of Investments.</font></font></div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule of Investments </font><font size="2" style="FONT-FAMILY: Times New Roman">(Unaudited)</font></font></font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">June 30, 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="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Principal</font></font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Amount</font></font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" colspan="2" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Value</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds &#8211; 97.04%</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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Corporate-Backed Revenue Bonds &#8211; 9.98%</font></font></td>
<td align="left" nowrap width="1%">&#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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Buckeye, Ohio Tobacco Settlement Financing Authority Asset-Backed Senior Turbo</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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A-2 6.50% 6/1/47</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">430,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">342,942</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Delaware State Economic Development Authority Exempt Facilities Revenue (Indian River Power)</font></td>
<td align="left" nowrap width="1%">&#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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 10/1/45</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">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="4%"><font size="1" style="FONT-FAMILY: times new roman">453,270</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Golden State, California Tobacco Securitization Settlement Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Asset-Backed Senior Notes) Series A-1 5.125% 6/1/47</font></td>
<td align="left" nowrap width="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">370,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">244,341</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Harris County, Texas Industrial Development Solid Waste Disposal Revenue</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Deer Park Refining Project) 5.00% 2/1/23</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">154,970</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Illinois Railsplitter Tobacco Settlement Authority 6.25% 6/1/24</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="4%" 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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">518,340</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Iowa Finance Authority Pollution Control Facilities Revenue (Interstate Power &amp; Light Project)</font></td>
<td align="left" nowrap width="1%">&#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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/14 (FGIC)</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">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="4%"><font size="1" style="FONT-FAMILY: times new roman">543,734</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Louisiana Local Government Environmental Facilities &amp; Community Development Authority</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Westlake Chemical) Series A-1 6.50% 11/1/35</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">255,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">264,853</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#8226;Maricopa County, Arizona Pollution Control Revenue (Public Services Co.) Series B 5.20% 6/1/43</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">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="4%"><font size="1" style="FONT-FAMILY: times new roman">507,105</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maryland Economic Development Port Facilities Revenue (CNX Marine Terminals) 5.75% 9/1/25</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">175,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">171,861</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#8226;Navajo County, Arizona Pollution Control Revenue Series D 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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">563,244</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#8226;New York City, New York Industrial Development Agency Special Facilities Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(American Airlines - JFK International Airport) 7.625% 8/1/25 (AMT)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="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">450,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">464,216</font></td>
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<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New York Liberty Development Revenue (Goldman Sachs Headquarters) 5.25% 10/1/35</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">500,640</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Air Quality Development Authority Revenue (First Energy Generation) Series A 5.70% 8/1/20</font></td>
<td align="left" nowrap width="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">260,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">276,073</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Allegheny Energy Supply) 7.00% 7/15/39</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">345,000</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">362,702</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pima County, Arizona Industrial Development Authority Pollution 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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Tucson Electric Power San Juan)</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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%" 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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">251,865</font></td>
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<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%" 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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">496,085</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%" 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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">366,584</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">Salt Verde Financial, Arizona Gas Revenue Senior Note 5.00% 12/1/37</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">400,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: times new roman">354,528</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">Valdez, Arkansas Marine Revenue (BP Pipelines Project) Series B 5.00% 1/1/21</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">345,000</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">378,631</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="4%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">7,215,984</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Education Revenue Bonds &#8211; 12.73%</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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Board of Regents System Revenue (University of Arizona)</font></td>
<td align="left" nowrap width="1%">&#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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 6/1/39</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">511,965</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series 2008A 5.00% 6/1/18</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">175,205</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority Healthcare Education Revenue (Kirksville College)</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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">499,110</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Arizona State University South Campus Group Student Housing Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Arizona State University-South Campus Project) 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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">959,140</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Bowling Green, Ohio Student Housing Revenue (CFP I - State University Project) 6.00% 6/1/45</font></td>
<td align="left" nowrap width="1%">&#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">270,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">260,890</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities Development Authority School Facility Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Aspire Public Schools) 6.125% 7/1/46</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">265,000</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">242,536</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">California Statewide Communities Development Authority Student Housing Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Irvine, LLC - UCI East Campus) 6.00% 5/15/23</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">470,000</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">487,075</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Glendale, Arizona Industrial Development Authority Revenue (Midwestern University)</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 5/15/31</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">350,000</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">340,102</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.125% 5/15/40</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">300,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">279,294</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Marietta, Georgia Development Authority Revenue (Life University Income Project) 7.00% 6/15/39</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">430,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">409,786</font></td>
</tr><tr valign="bottom" bgcolor="white">
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<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;College Park Projects) 5.75% 6/1/33</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">370,000</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">373,552</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp; Educational Facilities Authority Revenue (Harvard University)</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">600,000</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">655,056</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Montgomery County, Pennsylvania Higher Education &amp; Health Authority Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Arcadia University) 5.25% 4/1/30</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">550,000</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">543,494</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New Jersey Economic Development Authority Revenue (MSU Student Housing Project) 5.875% 6/1/42</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">215,000</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">202,337</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Northern Arizona University Certificates of Participation (Northern Arizona University Research</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project) 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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">978,809</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Oregon State Facilities Authority Revenue (Concordia University Project) Series A 6.125% 9/1/30</font></td>
<td align="left" nowrap width="1%">&#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">135,000</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">135,691</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania State Higher Educational Facilities Authority Student Housing Revenue</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Edinboro University Foundation) 5.80% 7/1/30</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">296,937</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(University Properties &#8211; East Stroudsburg University) 5.25% 7/1/19</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">300,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">317,460</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Pima County, Arizona Industrial Development Authority Educational Revenue (Tucson Country</font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Day School Project) 5.00% 6/1/37</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">371,615</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Troy, New York Capital Resource Revenue (Rensselaer Polytechnic) Series A 5.125% 9/1/40</font></td>
<td align="left" nowrap width="1%">&#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">300,000</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">295,071</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">University of Puerto Rico System Revenue Series Q 5.00% 6/1/36</font></td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="right" nowrap width="4%" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">870,320</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="4%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">9,205,445</font></td>
</tr><tr valign="bottom" bgcolor="silver">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Electric Revenue Bonds &#8211; 6.33%</font></font></td>
<td align="left" nowrap width="1%">&#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>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Electric Power 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="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">92,996</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">199,442</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">772,615</font></td>
</tr><tr bgcolor="white">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%"><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="4%"><font size="1" style="FONT-FAMILY: times new roman">402,852</font></td>
</tr></table>
</div>

<br>
<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
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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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Salt River Project, Arizona Agricultural Improvement &amp; Power District Electric System Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#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="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/31</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">777,592</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 1/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,028,010</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 5.00% 1/1/25</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,250,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" 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">1,306,188</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,579,695</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Healthcare Revenue Bonds &#8211; 16.83%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority Revenue</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Banner Health) Series D 5.50% 1/1/21</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">548,870</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Catholic Healthcare West) Series D 5.00% 7/1/28</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">494,360</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Brevard County, Florida Health Facilities Authority Revenue (Heath First Project) Series B 7.00% 4/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">90,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">97,709</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Butler County, Pennsylvania Hospital Authority Revenue (Butler Health System Project) 7.125% 7/1/29</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">329,592</font></td>
</tr><tr valign="bottom">
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<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">820,650</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Hawaii Pacific Health Revenue Series A 5.50% 7/1/40</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">267,117</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Illinois Finance Authority Revenue (Silver Cross &amp; Medical Centers) 7.00% 8/15/44</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">450,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">467,141</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Koyukuk, Arkansas Healthcare Revenue (Tanana Chiefs Conference) 7.75% 10/1/41</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">287,991</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Louisiana Public Facilities Authority Revenue (Ochsner Clinic Foundation Project) 6.50% 5/15/37</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">108,150</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Lycoming County, Pennsylvania Authority Health System Revenue (Susquehanna Health System</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Project) Series A 5.50% 7/1/28</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">481,830</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County, Arizona Industrial Development Authority Health Facilities Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Catholic Healthcare West) Series A</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 7/1/32</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">393,996</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.00% 7/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">512,110</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts State Health &amp; Education Facilities Authority Revenue (Caregroup)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series E-2 5.375% 7/1/19</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">360,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">391,003</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New Hampshire Health &amp; Education Facilities Authority Revenue (Dartmouth-Hitchcock Medical Center) 6.00% 8/1/38</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">320,562</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New Mexico State Hospital Equipment Loan Council Revenue (Presbyterian Healthcare) 5.00% 8/1/39</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">486,015</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Ohio State Hospital Facilities Revenue Refunding (Cleveland Clinic Health) Series A 5.50% 1/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">309,666</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Orange County, Florida Health Facilities Authority Revenue (Orlando Regional Healthcare) Series A</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.25% 10/1/18 (NATL-RE)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,100,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,266,958</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Philadelphia, Pennsylvania Hospitals &amp; Higher Education Facilities Authority Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Temple University Health System) Series A 5.50% 7/1/30</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">273,006</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona Industrial Development Authority Hospital Revenue (Scottsdale Healthcare) Series A 5.25% 9/1/30</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">498,765</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">University Medical Center, Tucson, Arizona Hospital Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/33</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">868,830</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/35</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">432,275</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.50% 7/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">511,565</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Yavapai County, Arizona Industrial Development Authority Revenue (Yavapai Regional Medical</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Center) Series A 5.25% 8/1/21 (RADIAN)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" 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">2,005,659</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">12,173,820</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Housing Revenue Bonds &#8211; 2.40%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California Municipal Finance Authority Mobile Home Park Revenue (Caritas Projects) Series A 6.40% 8/15/45</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">230,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">216,614</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Florida Housing Finance Homeowner Mortgage Revenue Series 2 5.90% 7/1/29 (NATL-RE) (AMT)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">263,084</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Housing Finance Authority (Subordinated-Capital Fund Modernization) 5.50% 12/1/18</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">193,464</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Volusia County, Florida Multifamily Housing Finance Authority (San Marco Apartments) Series A</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.60% 1/1/44 (AGM) (AMT)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,060,000</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,061,738</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">1,734,900</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Lease Revenue Bonds &#8211; 4.77%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Certificates of Participation Department Administration Series A 5.25% 10/1/25 (AGM)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">522,245</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Arizona Game &amp; Fishing Department &amp; Commission Beneficial Interest Certificates</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(AGF Administration Building Project) 5.00% 7/1/26</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">640,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">650,323</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Capital Area Cultural Education Facilities Finance Texas Revenue (Roman Catholic Diocese)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
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<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 6.125% 4/1/45</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">105,517</font></td>
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<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New Jersey Economic Development Authority Revenue (School Facilities Construction) Series EE</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 9/1/17</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">333,696</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 9/1/18</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">330,861</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Nogales, Arizona Municipal Development Authority Facilities Revenue 5.00% 6/1/30 (AMBAC)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">486,560</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Pima County, Arizona Industrial Development Authority Lease Revenue Metro Police Facility Revenue</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Nevada Project) Series A</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.25% 7/1/31</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">514,975</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 7/1/39</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" 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">507,140</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">3,451,317</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Local General Obligation Bonds &#8211; 4.70%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Denver City &amp; County (Better Denver &amp; Zoo) Series A 5.00% 8/1/25</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">557,965</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#8226;Gila County, Arizona Unified School District #10 (Payson School Improvement Project of 2006)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.25% 7/1/27 (AMBAC)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">518,070</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Maricopa County, Arizona Elementary School District #6 (Washington) Refunding Series A</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.375% 7/1/13 (AGM)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,250,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,364,049</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><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="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fiscal 2003 Subordinate Series I-1 5.375% 4/1/36</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">261,253</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fiscal 2009 Subordinate Series A-1 5.25% 8/15/21</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">283,298</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona 5.00% 7/1/21</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">350,000</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">&#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">414,757</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">3,399,392</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#167;</font><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Pre-Refunded Bonds &#8211; 1.79%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Salt River Project, Arizona Agricultural Improvement &amp; Power District Revenue Series A 5.00% 1/1/31-12</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">230,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">237,861</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Southern Arizona Capital Facilities Finance (University of Arizona Project) 5.00% 9/1/23-12 (NATL-RE)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" 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">1,054,920</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,292,781</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Special Tax Revenue Bonds &#8211; 18.37%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Anne Arundel County, Maryland Special Obligation Revenue (National Business Park-North Project) 6.10% 7/1/40</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">200,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">190,366</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Transportation Board (Maricopa County Regional Area Road) 5.00% 7/1/17</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">469,932</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Brooklyn Arena Local Development, New York Pilot Revenue (Barclays Center Project) 6.50% 7/15/30</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">309,213</font></td>
</tr></table>
</div>

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<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
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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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California State Economic Recovery Series A 5.25% 7/1/21</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">299,250</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Flagstaff, Arizona Aspen Place Sawmill Improvement District Revenue 5.00% 1/1/32</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">385,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">385,031</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Gilbert, Arizona Public Facilities Municipal Property Revenue 5.00% 7/1/25</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">524,350</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Glendale, Arizona Municipal Property Series A 5.00% 7/1/33 (AMBAC)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,016,826</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Jacksonville, Florida Transportation Revenue 5.25% 10/1/29 (NATL-RE)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,001,720</font></td>
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<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Marana, Arizona Tangerine Farms Road Improvement District Revenue 4.60% 1/1/26</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">873,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">870,433</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Massachusetts Bay Transportation Authority Senior Series A 5.25% 7/1/29</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">228,392</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Miami-Dade County, Florida Special Obligation Revenue (Capital Appreciation &amp; Income)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 5.00% 10/1/35 (NATL-RE)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,946,400</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Mosaic District, Virginia Community Development Authority Series A 6.875% 3/1/36</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">520,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">530,410</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York Series A 5.00% 8/1/19</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">348,468</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York City, New York Transitional Finance Authority Future Tax Secured</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fiscal 2011 Series D 5.00% 2/1/26</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">150,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">164,408</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series C 5.25% 11/1/25</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">338,052</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New York State Dormitory Authority (State Personal Income Tax Revenue - Education) Series A 5.00% 3/15/38</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">570,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">587,790</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Peoria, Arizona Municipal Development Authority Sales Tax &amp; Excise Shared Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Senior Lien &amp; Subordinate Lien) 5.00% 1/1/18</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,085,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,239,515</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Sales Tax Financing Revenue First Subordinate</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75% 8/1/37</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,062</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#937;(Capital Appreciation) 6.75% 8/1/32</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">220,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">179,271</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series C 6.00% 8/1/39</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">314,310</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Queen Creek, Arizona Improvement District #1 5.00% 1/1/32</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">948,390</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">^Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Capital Appreciation) Sales Tax Subordinate Lien Series B 6.07% 6/1/21</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">260,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" 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">146,169</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">13,288,758</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">State General Obligation Bonds &#8211; 2.76%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">California State 5.25% 11/1/40</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">319,264</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">California State Various Purposes 6.00% 4/1/38</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">105,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">111,913</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">New York State Series A 5.00% 2/15/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">311,439</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Puerto Rico Commonwealth (Public Improvement)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.50% 7/1/19 (NATL-RE)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">395,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">426,948</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.75% 7/1/41</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">488,820</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series C 6.00% 7/1/39</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">335,000</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">341,817</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">2,000,201</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Transportation Revenue Bonds &#8211; 9.55%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Central Texas Regional Mobility Authority Senior Lien 6.00% 1/1/41</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">520,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">515,736</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Maryland State Economic Development Revenue (Transportation Facilities Project) Series A 5.75% 6/1/35</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">255,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">246,945</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Metropolitan Washington D.C. Airports Authority Dulles Toll Road Revenue (First Senior Lien)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.25% 10/1/44</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">245,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">245,385</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">North Texas Tollway Authority Special Projects System Series A 5.00% 9/1/20</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">250,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">286,960</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Pennsylvania Turnpike Commission Revenue Subordinate</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Special Motor License Foundation) 5.00% 12/1/22</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">553,044</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series B 5.25% 6/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">297,165</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series D 5.125% 12/1/40</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">379,022</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Phoenix Civic Improvement Airport Revenue</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Junior Lien) Series A 5.25% 7/1/33</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">509,880</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Senior Lien) Series B 5.25% 7/1/27 (NATL-RE) (FGIC) (AMT)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,000,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">2,005,899</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Port Authority of New York &amp; New Jersey Special Obligation Revenue</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(JFK International Air Terminal) 6.00% 12/1/42</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">230,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">233,257</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Regional Transportation District Revenue (Denver Transit Partners) 6.00% 1/15/41</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">301,653</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">St. Louis, Missouri Airport Revenue (Lambert-St. Louis International) Series A-1 6.625% 7/1/34</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">341,231</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Texas Private Activity Bond Surface Transportation Senior Lien Revenue</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LBJ Infrastructure)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.00% 6/30/40</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">285,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">302,767</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.50% 6/30/33</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">315,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">352,841</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(NTE Mobility Partners) 7.50% 12/31/31</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" 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">335,553</font></td>
</tr><tr valign="bottom">
<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="4%" 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">&#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">6,907,338</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Water &amp; Sewer Revenue Bonds &#8211; 6.83%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Atlanta, Georgia Water &amp; Wastewater Revenue Series A 6.25% 11/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">322,008</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Florida Water Pollution Control Financing Revenue (Water Pollution Control)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 1/15/25</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">15,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">16,215</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Guam Government Waterworks Authority 5.625% 7/1/40</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">348,964</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">New York State Environmental Facilities Revolving Funds Revenue (Master Financing Program)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 8/15/16</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">300,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">352,170</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Phoenix Civic Improvement Wastewater Systems Revenue (Junior Lien)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/19 (NATL-RE)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">850,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">949,731</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;5.00% 7/1/24 (NATL-RE) (FGIC)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,900</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Series A 5.00% 7/1/39</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">900,000</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="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">931,491</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">San Francisco City &amp; County Public Utilities Commission Subordinate Series F 5.00% 11/1/27</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">500,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">542,465</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Scottsdale, Arizona Water &amp; Sewer Revenue 5.00% 7/1/19</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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="right" 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">478,240</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</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="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">4,942,184</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Municipal Bonds (cost $69,530,053)</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" 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">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">70,191,815</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments &#8211; 2.07%</font></font></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>
<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="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#164;</font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">Variable Rate Demand Notes &#8211; 2.07%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Apache County, Arizona Industrial Development Authority Revenue (Tucson Election 83C)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.06% 12/15/18 (LOC </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">&#8211; </font></font><font size="1" style="FONT-FAMILY: times new roman">Bank of New York Mellon)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">400,000</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">400,000</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Arizona Health Facilities Authority Revenue (Catholic West) Series A 0.07% 7/1/35</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(LOC </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: times new roman">&#8211; </font></font><font size="1" style="FONT-FAMILY: times new roman">JPMorgan Chase Bank)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">1,000,000</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: times new roman">Phoenix, Arizona Industrial Development Authority Revenue (Southwest Human Development Project)</font></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>
<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="88%"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.18% 4/1/28 (LOC &#8211; Wells Fargo Bank N.A.)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><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%" 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">95,000</font></td>
</tr><tr>
<td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Short-Term Investments (cost $1,495,000)</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" 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">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">1,495,000</font></font></td>
</tr></table>
</div>

<br>
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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="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Total Value of Securities &#8211; 99.11%</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(cost $71,025,053)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">71,686,815</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="94%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Receivables and Other Assets Net of Liabilities &#8211; 0.89%</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">644,326</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">Net Assets Applicable to 5,522,507 Shares Outstanding &#8211; 100.00%</font></font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: times new roman">72,331,141</font></font></td>
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</div>

<br>
<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">&#8226;Variable rate security. The rate shown is the rate as of June 30, 2011. Interest rates reset periodically. <br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">&#167;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 3 in "Notes." <br>
&#937;</font><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. <br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">^Zero coupon security. The rate shown is the yield at the time of purchase. <br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">&#164;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>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman">Summary of Abbreviations: <br>
</font></font><font size="1" style="FONT-FAMILY: Times New Roman">AGM &#8211; Insured by Assured Guaranty Municipal Corporation<br>
AMBAC &#8211; Insured by AMBAC Assurance Corporation<br>
AMT &#8211; Subject to Alternative Minimum Tax<br>
FGIC &#8211; Insured by Financial Guaranty Insurance Company<br>
LOC &#8211; Letter of Credit <br>
</font><font size="1" style="FONT-FAMILY: Times New Roman">NATL-RE &#8211; Insured by National Public Finance Guarantee Corporation<br>
RADIAN &#8211; Insured by Radian Asset Assurance</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap width="100%" style="BORDER-TOP: #000000 1pt solid">
<div><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>

<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">Notes</font></font></div>
</td>
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</div>

<br>
<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">1. Significant Accounting Policies<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Investments National Municipal Income Fund (Fund). This report covers the period of time since the Fund&#8217;s last fiscal year end.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Security Valuation </font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">&#8211; Debt securities are valued by an independent pricing service or broker. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Short-term debt securities are valued at market value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund&#8217;s Board of Directors (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Federal Income Taxes </font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">&#8211; No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns to determine whether the tax positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund&#8217;s tax positions taken on federal income tax returns for all open tax years (March 31, 2008 &#8211; March 31, 2011), and has concluded that no provision for federal income tax is required in the Fund&#8217;s financial statements.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">Use of Estimates </font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">&#8211; The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font> </font></font><font size="1" style="FONT-FAMILY: Times New Roman">&#8211; Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities. The Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. The Fund may distribute income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">2. Investments<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">At June 30, 2011, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2011, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:</font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="93%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">Cost of investments</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">71,048,558</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized appreciation</font></td>
<td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: times new roman">1,917,399</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="93%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">Aggregate unrealized depreciation</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">(1,279,142</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="93%" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">Net unrealized appreciation</font></td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: black 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">638,257</font></td>
<td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">&#160;</td>
</tr></table>
</div>

<br>
<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">For federal income tax purposes, at March 31, 2011, capital loss carryforwards of $2,494,617 may be carried forward and applied against future capital gains. Such capital loss carryforwards will expire as follows: $1,634,822 expires in 2017, and $859,795 expires in 2018.</font></div>

<div>&#160;</div>

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

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

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<div style="TEXT-ALIGN: justify"><font size="1">Level 1&#8211;<font 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></font></div>

<div style="TEXT-ALIGN: justify"><font size="1">Level 2&#8211;<font 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></font></div>

<div style="TEXT-ALIGN: justify"><font size="1">Level 3&#8211;<font style="FONT-FAMILY: times new roman">inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)</font></font></div>

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

<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">The following table summarizes the valuation of the Fund&#8217;s investments by fair value hierarchy levels as of June 30, 2011:</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 align="left" nowrap width="95%">&#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">Level 2</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">Municipal Bonds</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: times new roman">70,191,815</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%"><font size="1" style="FONT-FAMILY: times new roman">Short-Term Investments</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">1,495,000</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="95%" bgcolor="#c0c0c0" style="PADDING-BOTTOM: 1pt"><font size="1" style="FONT-FAMILY: times new roman">Total</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">$</font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: times new roman">71,686,815</font></td>
</tr></table>
</div>

<br>
<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">There were no unobservable inputs used to value investments at the beginning or end of the period.</font></div>

<div>&#160;</div>

<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">During the period ended June 30, 2011, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">3. Credit and Market Risk<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">The Fund concentrates its investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the states, regional or local and national economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Fund. At June 30, 2011, 27% of the Fund&#8217;s net assets were insured by bond insurers. These securities have been identified in the schedule of investments.</font></div>

<div>&#160;</div>

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

<div>&#160;</div>

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

<div>&#160;</div>

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

<div>&#160;</div>

<div align="justify"><font size="1" style="FONT-FAMILY: Times New Roman">The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund&#8217;s Board has delegated to Delaware Management Company, a series of Delaware Management Business Trust, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund&#8217;s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund&#8217;s 15% limit on investments in illiquid securities. As of June 30, 2011, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund's Liquidity Procedures.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">4. Investments in Municipal Securities Issued by the State of Arizona<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">On May 23, 2011, shareholders of the Fund and shareholders of the Delaware Investments Arizona Municipal Income Fund, Inc. (Arizona Muni Fund) approved the acquisition of substantially all of the assets of Arizona Muni Fund in exchange for newly issued common shares of the Fund, which was structured as a tax-free transaction. This acquisition was completed after the close of business on June 17, 2011. As of June 30, 2011, municipal bonds issued by the state of Arizona constitute approximately 51% of the Fund&#8217;s portfolio. These investments could make the Fund more sensitive to economic conditions in Arizona than other more geographically diversified national municipal income funds.</font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: Times New Roman"><font size="2" style="FONT-FAMILY: Times New Roman">5. Subsequent Events<br>
</font></font></font><font size="1" style="FONT-FAMILY: Times New Roman">Management has determined that no material events or transactions occurred subsequent to June 30, 2011 that would require recognition or disclosure in the Fund's schedule of investments.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Item 2. Controls and Procedures. </font></font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: Times New Roman">The registrant&#8217;s principal executive officer and principal financial officer have evaluated the registrant&#8217;s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font>There were no significant changes in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting. </font></div>

<div>&#160;</div>

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

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font>File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: </font></div>

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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="justify"><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="TEXT-ALIGN: justify; ">
<tr>
<td nowrap valign="top" style="BORDER-TOP: white 2pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td nowrap valign="top">&#160;&#160;&#160; &#160; </td>
<td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-Q of <font size="2" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman"><font size="2" style="FONT-FAMILY: times new roman"><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></font></font></font>;</font></td>
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<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" 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>
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<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></td>
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<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">4.</font></td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" valign="top" width="100%">&#160;</td>
</tr><tr>
<td valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
<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>
</tr><tr>
<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td valign="top">&#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 nowrap valign="top">&#160;</td>
<td valign="top" 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="5" valign="top">&#160;</td>
</tr><tr>
<td valign="top">&#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 nowrap valign="top">&#160;</td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</font></td>
</tr><tr>
<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td valign="top">&#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 nowrap valign="top">&#160;</td>
<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 registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></td>
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<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">5.</font></td>
<td valign="top">&#160;</td>
<td colspan="3" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></td>
</tr><tr>
<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td nowrap valign="top">&#160;</td>
<td valign="top" 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&#8217;s ability to record, process, summarize, and report financial information; and</font></td>
</tr><tr>
<td colspan="5" valign="top">&#160;</td>
</tr><tr>
<td valign="top">&#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 nowrap valign="top">&#160;</td>
<td valign="top" 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&#8217;s internal control over financial reporting.</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date:&#160; </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">August&#160;29, 2011</font></td>
</tr></table>
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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="justify"><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="TEXT-ALIGN: justify; ">
<tr>
<td nowrap valign="top" style="BORDER-TOP: transparent 2pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">1.</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">I have reviewed this report on Form N-Q of <font size="2" style="FONT-FAMILY: times new roman"><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></font>;</font></td>
</tr><tr>
<td colspan="5">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">2.</font></td>
<td nowrap valign="top">&#160;</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="5">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">3.</font></td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></td>
</tr><tr>
<td colspan="5">&#160;</td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">4.</font></td>
<td nowrap valign="top">&#160;</td>
<td colspan="3" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></td>
</tr><tr>
<td colspan="5">&#160; </td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </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="5">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td nowrap valign="top">&#160;</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="5">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(c)</font></td>
<td nowrap valign="top">&#160;</td>
<td width="100%"><font size="2" style="FONT-FAMILY: times new roman">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</font></td>
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<td colspan="5">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(d)</font></td>
<td nowrap valign="top">&#160;</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 registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">&#160;</td>
</tr></table>
</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="TEXT-ALIGN: justify; ">
<tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">5.</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
<td colspan="5" valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></td>
</tr><tr>
<td colspan="5">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(a)</font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </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&#8217;s ability to record, process, summarize, and report financial information; and</font></td>
</tr><tr>
<td colspan="5">&#160;</td>
</tr><tr>
<td>&#160;</td>
<td>&#160;</td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">(b)</font></td>
<td nowrap valign="top">&#160;</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&#8217;s internal control over financial reporting.</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">RICHARD SALUS</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Title:&#160;&#160; </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Chief Financial Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">August&#160;29, 2011</font></td>
</tr></table>
</div>

<br>
<hr align="center" noshade size="2" width="100%">
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<br>
<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">SIGNATURES</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">DELAWARE INVESTMENTS<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174; </font>NATIONAL MUNICIPAL INCOME FUND</font></font></div>

<div>&#160;</div>

<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">By:&#160; </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">Date:&#160; </font></td>
<td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: times new roman">August&#160;29, 2011</font></td>
</tr></table>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </font></div>

<div>&#160;</div>

<table border="0" cellpadding="0" cellspacing="0" width="10%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">PATRICK P. COYNE</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Patrick P. Coyne</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Chief Executive Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Date: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">August&#160;29, 2011</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="99%">&#160;</td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" colspan="2" nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">RICHARD SALUS</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">By: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Richard Salus</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Title: </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">Chief Financial Officer</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Date:&#160; </font></td>
<td align="left" nowrap width="99%"><font size="2" style="FONT-FAMILY: times new roman">August&#160;29, 2011</font></td>
</tr></table>

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