<SEC-DOCUMENT>0001206774-12-002658.txt : 20120608
<SEC-HEADER>0001206774-12-002658.hdr.sgml : 20120608
<ACCEPTANCE-DATETIME>20120608144539
ACCESSION NUMBER:		0001206774-12-002658
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120608
DATE AS OF CHANGE:		20120608
EFFECTIVENESS DATE:		20120608

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		12897547

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>dinatmuniincomefund_ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>

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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>UNITED STATES SECURITIES AND
EXCHANGE COMMISSION </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>Washington, D.C. 20549
</FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>FORM N-CSR </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Investment Company Act file number:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>811-07410</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Exact
      name of registrant as specified in charter:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>
      <P align=left><FONT face="Times New Roman" size=2>Delaware Investments<SUP>&#174;</SUP>
      National Municipal Income Fund</FONT></P></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Address
      of principal executive offices:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>2005
      Market Street</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>Philadelphia, PA 19103</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Name
      and address of agent for service:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>David
      F. Connor, Esq.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>2005
      Market Street</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>Philadelphia, PA 19103</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Registrant&#146;s telephone number, including area code:</FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>(800)
      523-1918</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Date of
      fiscal year end:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>
      <P align=left><FONT face="Times New Roman" size=2>March 31</FONT></P></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT style="FONT-FAMILY: times new roman" size=2>Date of
      reporting period:</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT style="FONT-FAMILY: times new roman" size=2>
      <P align=left><FONT face="Times New Roman" size=2>March 31, 2012
  </FONT></P></FONT></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Item 1. Reports to Stockholders
</FONT></P>

<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=6><FONT size=5>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Annual
Report</FONT></TD>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="50%" bgColor=#c0c0c0>
      <DIV align=left><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman" color=#ffffff size=6>&nbsp;&nbsp;&nbsp;&nbsp; Delaware<BR>&nbsp;&nbsp;&nbsp;&nbsp;
      Investments<BR>&nbsp;&nbsp;&nbsp;&nbsp;
      Closed-End<BR>&nbsp;&nbsp;&nbsp;&nbsp; Municipal
      Bond<BR>&nbsp;&nbsp;&nbsp;&nbsp; Funds</FONT></DIV></TD>
    <TD vAlign=top noWrap align=left width="49%" bgColor=#c0c0c0><FONT color=#ffffff size=4>March 31, 2012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0 colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=4>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=4>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="50%" bgColor=#c0c0c0 rowSpan=4>
      <DIV><FONT color=#ffffff size=4><BR>&nbsp;</FONT></DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV><FONT color=#ffffff size=4></FONT>&nbsp;</DIV>
      <DIV>&nbsp;</DIV></TD>
    <TD style="PADDING-BOTTOM: 3pt" vAlign=top align=left width="49%" bgColor=#c0c0c0>
      <DIV>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0 rowSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="49%" bgColor=#c0c0c0><FONT color=#ffffff size=2><BR><FONT color=#000000><FONT color=#ffffff>The
      figures in the annual report for Delaware Investments Closed-End Municipal
      Bond Funds represent past results, which are not a guarantee of future
      results. A rise or fall in interest rates can have a significant impact on
      bond prices. Funds that invest in bonds can lose their value as interest
      rates rise.</FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="49%" bgColor=#c0c0c0 rowSpan=3><BR></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0 rowSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT color=#ffffff size=4>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="49%"><FONT size=5>Closed-end funds</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="PADDING-LEFT: 30pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><IMG alt="" src="dimunibondfunds.jpg"></TD>
    <TD vAlign=bottom width="50%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Table of contents</FONT></P><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Portfolio
      management review</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>1</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Fund
      basics</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>3</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Security
      type/Sector/State allocations</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>4</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Statements of
      net assets</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>6</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Statements of
      assets and liabilities</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>18</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Statements of
      operations</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>19</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Statements of
      changes in net assets</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>20</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Financial
      highlights</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>21</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Notes to
      financial statements</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>24</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Report of
      independent registered public accounting firm</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>31</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Other Fund
      information</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>32</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; Board of
      trustees/directors and officers addendum</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>36</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&gt; About the
      organization</FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>39</FONT></B></TD></TR></TABLE><BR>
<BR><BR><BR><P align=left><FONT face="Times New Roman" size=1>Delaware Management Holdings, Inc., and
its subsidiaries (collectively known by the marketing name of Delaware
Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global
provider of banking, financial, advisory, investment and funds management
services. For more information, including press releases, please visit
www.delawareinvestments.com.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Unless otherwise noted, views expressed
herein are current as of March 31, 2012, and subject to change. Information is
as of the date indicated and subject to change.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Funds are not FDIC insured and are not
guaranteed. It is possible to lose the principal amount invested. </FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Mutual fund advisory services are provided
by Delaware Management Company, a series of Delaware Management Business Trust,
which is a registered investment advisor. Delaware Investments, a member of
Macquarie Group, refers to Delaware Management Holdings, Inc. and its
subsidiaries</FONT><B><FONT face="Times New Roman" size=1>.</FONT></B><FONT face="Times New Roman" size=1> Macquarie Group refers to Macquarie Group Limited and its subsidiaries
and affiliates worldwide.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Investments in Delaware Investments
Closed-End Municipal Bond Funds are not and will not be deposits with or
liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding
companies, including their subsidiaries or related companies (Macquarie Group),
and are subject to investment risk, including possible delays in repayment and
loss of income and capital invested. No Macquarie Group company guarantees or
will guarantee the performance of the Funds, the repayment of capital from the
Funds, or any particular rate of return.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>&#169;<SUP> </SUP>2012 Delaware Management
Holdings, Inc.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>All third-party marks cited are the
property of their respective owners.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Portfolio management review</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds<BR></FONT></B><FONT face="Times New Roman" size=2>April 10,
2012</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Market environment, in brief:</FONT></P>
<UL style="FONT-SIZE: 10pt; MARGIN-LEFT: 16px"><LI><FONT face="Times New Roman" size=2>The municipal markets, in general, had a strong
  year,</FONT> <FONT face="Times New Roman" size=2>posting positive total returns across all
  maturities,</FONT> <FONT face="Times New Roman" size=2>ratings, and
  sectors.<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>Municipal bonds became increasingly appealing
  to</FONT> <FONT face="Times New Roman" size=2>income-oriented investors seeking relatively
  high yields</FONT> <FONT face="Times New Roman" size=2>in an environment of low interest
  rates.<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>A favorable supply-demand imbalance was an</FONT>
  <FONT face="Times New Roman" size=2>important source of support for municipal bond
  prices.</FONT> </LI></UL>
<P align=left><B><FONT face="Times New Roman" size=2>National economic
environment</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>As the Funds&#146; fiscal year ended March 31,
2012 began, many investors were concerned about a U.S. economy that was growing
quite weak and suffering through a historically high unemployment rate. Moving
into summer 2011, additional challenges rattled investors, including
Washington&#146;s political battles over government spending and the decision by
credit-rating agency Standard &amp; Poor&#146;s to issue a downgrade of U.S. Treasury
bonds. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Starting in late 2011 and continuing into
early 2012, however, the macroeconomic backdrop began to show mild signs of
improvement. The U.S. job market, while still weak, appeared to be moving in a
better direction, with the unemployment rate falling from 9.0% in September 2011
to 8.3% by January 2012 &#151; the lowest level since February 2009. At the same
time, fourth-quarter economic growth reached an estimated rate of 3.0%, up from
1.8% in the prior quarter. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Data: U.S. Labor Department, U.S. Commerce
Department.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Municipal market trends</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Driven by significant risk aversion, many
investors were drawn toward U.S. Treasury securities, pushing interest rates to
historically low levels. This development was among the prominent factors that
helped drive municipal bond prices upward during the Funds&#146; fiscal year, as
municipal bonds increasingly appealed to income-oriented investors seeking
relatively high yields in an environment of low interest rates. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Municipal bond markets also benefited from
a substantial easing of credit fears. Early in the fiscal year, municipal
markets were weighed down by media reports of pending defaults; as this period
progressed, however, these dire predictions were shown to be unwarranted.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>A favorable supply-demand imbalance was a
third source of support for municipal bond prices. Consider the supply-demand
relationship as it played out over the course of calendar year 2011: On the
supply side, the availability of municipal bonds was significantly lower than it
was in 2010. According to Municipal Bond Buyer, issuance of tax-exempt debt was
approximately $295 billion during 2011, almost one-third below the level of debt
seen in the prior year. At the same time, demand for the municipal bond asset
class was strengthening, due in part to increased attention from individual
investors as well as hedge funds and other nontraditional institutional
investors. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Generally speaking, the longer a bond&#146;s
maturity, the more likely it was to outperform during the Funds&#146; fiscal year. As
a result, the municipal yield curve flattened during the period, indicating that
yields on long-term bonds were falling faster than those of short-term bonds.
The same was true of credit ratings; lower-rated bonds tended to outperform
their higher-rated counterparts as investors generally became comfortable
accepting slightly more credit risk in exchange for the potential for additional
income.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Fund positioning</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>At the start of the fiscal year, the
Funds&#146; portfolios were positioned somewhat less aggressively in lower-rated
credits. At that time, we expected the 2010 conclusion of the Build America Bond
program (which had been diverting supply away from the municipal bond market) to
precipitate an increase in 2011 municipal bond supply, putting pressure on bond
prices. We believed the Funds&#146; relatively conservative stance would more
effectively accommodate this steadier stream of supply.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>As the period progressed, this increase in
bond supply failed to materialize, we believe, in part because state and
municipal governments had become more reluctant to </FONT></P>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Portfolio management
review</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>add to their debt burdens. The prevailing
environment of reduced supply and strong investor demand led us to gradually
increase each Fund&#146;s allocation to securities at the lower end of the investment
grade spectrum, and we generally maintained this stance throughout the rest of
the fiscal year. (It&#146;s important to note that these allocation changes took
place primarily at the margins of each Fund&#146;s portfolio. They did not represent
a meaningful departure from each Fund&#146;s long-standing risk-reward
profile.)</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Performance effects</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Overall, the best-performing bonds within
the Funds tended to have lower credit ratings and longer maturity dates, as was
the performance trend in the broad municipal market.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>On an individual security basis, the two
best-performing bonds within </FONT><B><FONT face="Times New Roman" size=2>Delaware
Investments Colorado Municipal Income Fund, Inc.</FONT></B><FONT face="Times New Roman" size=2> (the &#147;Colorado Fund&#148;) were revenue bonds issued by the Denver Convention
Center Hotel Authority and the Public Authority for Colorado Energy, maturing in
2035 and 2038, respectively. The bonds were issued with coupon rates of 5.0% and
6.5%, respectively. Additionally, both bonds were rated medium grade by Standard
&amp; Poor&#146;s. The Colorado Fund&#146;s worst-performing bonds had maturity dates of
2016 and 2013. A bond issued by the Colorado Educational and Cultural Facilities
Authority to fund a project at the University of Denver (maturing in 2016)
generated a return of 5.27% while another bond issued by the Denver Convention
Center Hotel Authority, with a 2013 maturity date, returned slightly less than
2.50% for the fiscal year. Both securities were removed from the Fund&#146;s
portfolio in the final months of the fiscal year.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Similar to the Colorado Fund,
</FONT><B><FONT face="Times New Roman" size=2>Delaware Investments Minnesota Municipal
Income Fund II, Inc.</FONT></B><FONT face="Times New Roman" size=2> (the &#147;Minnesota Fund&#148;)
benefited from holdings with longer maturity dates and lower credit qualities.
Both of its best-performing securities were rated BBB (medium grade) by S&amp;P
and had maturity dates in the mid- to late 2030s. A bond issued by the Puerto
Rico Commonwealth Infrastructure Fund, for example, generated a notable 34%
return. The second best-performing bond, an unrated </FONT><FONT face="Times New Roman" size=2>education bond issued by the University of the Virgin Islands,
experienced a notable return of almost 31%. Both of these bonds were liquidated
from the Fund&#146;s portfolio in the late months of the fiscal year. Both of the
poorest-performing bonds within the Minnesota Fund &#151; a general obligation bond
issued by Olmsted County (3.5% coupon, 2027 maturity) and a bond issued by the
Western Minnesota Municipal Power Agency &#151; were rated AAA by S&amp;P. Both of
these bonds were liquidated from the Fund&#146;s portfolio in the late months of the
fiscal year. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The top two contributors within
</FONT><B><FONT face="Times New Roman" size=2>Delaware Investments National Municipal Income
Fund</FONT></B><FONT face="Times New Roman" size=2> (the &#147;National Fund&#148;) were best
characterized by their long maturity dates, as neither bond was rated by
S&amp;P. The top contributor was a student housing bond issued by the New Jersey
Economic Development Authority to benefit Montclair State University. Its
maturity date is 2042. The second best performing bond was issued by the
California Statewide Communities Development Authority with a maturity date of
2046. The National Fund&#146;s greatest detractor (declining 5.09%) was an airline
bond issued by the New York City Industrial Development Agency to support the
construction of a new American Airlines terminal at the John F. Kennedy
International Airport. The second worst-performing bond was issued by the Puerto
Rico Sales Tax Financing Corporation, and had an A+ (upper medium grade) rating
by S&amp;P. All four bond issues were removed from the Fund&#146;s portfolio before
the fiscal year came to a close.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Fund basics</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware
Investments<BR></FONT></B><B><FONT face="Times New Roman" size=1>Colorado Municipal Income
Fund, Inc.</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>As of March 31, 2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund objective</FONT></B></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD STYLE="text-align: left; width: 100%">
      <P align=left><FONT face="Times New Roman" size=2>The Fund seeks to provide current
      income exempt from both regular federal income tax and Colorado state
      personal income tax, consistent with the preservation of
      capital.</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Total Fund net assets</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>$73
million</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Number of holdings</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>77</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund start date</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>July 29,
  1993</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>CUSIP number</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>246101109</FONT></P></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware
Investments<BR></FONT></B><B><FONT face="Times New Roman" size=1>Minnesota Municipal Income
Fund II, Inc.</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>As of March 31, 2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund objective</FONT></B></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD STYLE="text-align: left; width: 100%">
      <P align=left><FONT face="Times New Roman" size=2>The Fund seeks to provide current
      income exempt from both regular federal income tax and Minnesota state
      personal income tax, consistent with the preservation of
      capital.</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Total Fund net assets</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>$172
million</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Number of holdings</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>125</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund start date</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>Feb. 26,
  1993</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>CUSIP number</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>24610V103</FONT></P></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware
Investments<BR></FONT></B><B><FONT face="Times New Roman" size=1>National Municipal Income
Fund </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>As of March 31, 2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund objective</FONT></B></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD STYLE="text-align: left; width: 100%">
      <P align=left><FONT face="Times New Roman" size=2>The Fund seeks to provide current
      income exempt from regular federal income tax, consistent with the
      preservation of capital.</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Total Fund net assets</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>$63
million</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Number of holdings</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>145</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Fund start date</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>Feb. 26,
  1993</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>CUSIP number</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <P align=left><FONT face="Times New Roman" size=2>24610T108</FONT></P></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Security type/Sector/State
allocations</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>As of March 31, 2012</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Sector designations may be different than
the sector designations presented in other Fund materials.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware
Investments<BR></FONT></B><B><FONT face="Times New Roman" size=1>Colorado Municipal Income
Fund, Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Security type/Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>of Net Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
      &nbsp;138.63</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Corporate-Backed Revenue Bond</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1.28</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Education Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>22.43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Electric Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.93</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Healthcare Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29.23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Housing Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2.51</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lease Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10.64</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Local General Obligation
Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>17.75</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pre-Refunded
      Bond</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.07</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>33.83</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>State &amp; Territory
      General Obligation Bond</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.74</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Transportation Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>8.33</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.89</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><B><FONT face="Times New Roman" size=1>Total Value of Securities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>138.63</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Liquidation Value of Preferred
      Stock</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>(41.32</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><B><FONT face="Times New Roman" size=1>Receivables and Other Assets Net of
      Liabilities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>2.69</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware
Investments<BR></FONT></B><B><FONT face="Times New Roman" size=1>Minnesota Municipal Income
Fund II, Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Security type/Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>of Net Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Municipal Bonds</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
      &nbsp;142.49</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Corporate-Backed Revenue
Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>11.76</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Education Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>17.33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Electric Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.94</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Healthcare Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>30.82</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Housing Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>8.40</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lease Revenue
      Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Local General Obligation
Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>12.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pre-Refunded/Escrowed
      to Maturity Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>20.36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>12.93</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>State &amp; Territory
      General Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11.84</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=1>Transportation Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2.21</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.64</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><B><FONT face="Times New Roman" size=1>Total Value of Securities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>142.49</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Liquidation Value of Preferred
      Stock</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>(43.65</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><B><FONT face="Times New Roman" size=1>Receivables and Other Assets Net of
      Liabilities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>1.16</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Sector designations may be different than
the sector designations presented in other Fund materials.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Delaware Investments</FONT></B><B><FONT face="Times New Roman" size=1><BR>
National Municipal Income Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Percentage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Security
      type/Sector</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>of Net Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Municipal
    Bonds</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>120.52</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Corporate-Backed Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>15.13</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Education Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16.19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Electric Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2.21</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>18.75</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Housing Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2.59</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lease Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12.39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Local General Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3.85</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pre-Refunded Bonds</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.65</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>16.78</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>State &amp; Territory General
      Obligation Bonds</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.74</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=1>Transportation Revenue Bonds</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>15.40</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.84</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><B><FONT face="Times New Roman" size=1>Short-Term Investments</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face="Times New Roman" size=1>36.54</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total Value of Securities</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>157.06</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><B><FONT face="Times New Roman" size=1>Liquidation Value of Preferred Stock</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face="Times New Roman" size=1>(47.25</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Liabilities Net of Receivables and
      Other Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>(9.81</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><B><FONT face="Times New Roman" size=1>Total
      Net Assets</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face="Times New Roman" size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><FONT face="Times New Roman" size=2>State</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" colSpan=2><FONT face="Times New Roman" size=2>(as a % of fixed income investments)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Alaska</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Arizona</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>16.25</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>California</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>9.85</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>0.53</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.51</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Florida</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.98</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Georgia</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.50</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Hawaii</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>0.31</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Idaho</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.05</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Illinois</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.06</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Kansas</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Louisiana</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.66</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Maine</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Maryland</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>6.16</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Massachusetts</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.20</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Mississippi</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.02</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Missouri</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.08</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>New Hampshire</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.34</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>New Jersey</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.63</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>New Mexico</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.53</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>New York</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>18.62</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ohio</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Oregon</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.39</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pennsylvania</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12.44</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Puerto Rico</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>5.00</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Texas</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Virginia</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>1.75</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Washington D.C.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>West Virginia</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face="Times New Roman" size=1>0.56</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wyoming</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.27</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><B><FONT face="Times New Roman" size=1>100.00</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR></TABLE><BR>
<P align=right><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Statements of net assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.<BR></FONT></B><FONT face="Times New Roman" size=2>March 31,
2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=1>Municipal Bonds &#150; 138.63%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Corporate-Backed Revenue Bond &#150; 1.28%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Public Authority for
      Colorado Energy</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Natural Gas Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series 2008 6.50% 11/15/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>932,408</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>932,408</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Education Revenue Bonds &#150; 22.43%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Colorado Educational &amp;
      Cultural</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Facilities Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Academy Charter School Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.50% 5/1/36 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,720,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,737,940</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Bromley Charter School Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.25% 9/15/32 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,245,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,287,347</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Johnson &amp; Wales University Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.00% 4/1/28 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,000,720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Littleton Charter School Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>4.375% 1/15/36 (ASSURED GTY)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,064,916</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Student Housing - Campus Village</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Apartments) 5.00% 6/1/23</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,065,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,155,908</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado State Board
      of Governors</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Revenue (University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Enterprise System)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.00% 3/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>700,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>753,095</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>University of Colorado 5.00%
      6/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,185,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,625,103</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University of
      Colorado Enterprise</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Systems Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.375% 6/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>851,423</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Western State College 5.00%
      5/15/34</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>809,325</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,285,777</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Electric Revenue Bonds &#150; 5.93%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Springs
      Utilities System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Improvement Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series C 5.50% 11/15/48</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>830,453</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Platte River Power Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series HH 5.00% 6/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,693,724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Puerto Rico Electric
      Power</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series TT 5.00% 7/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>685,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>691,083</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series WW 5.50% 7/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>314,421</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series XX 5.25% 7/1/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>776,595</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>4,306,276</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds &#150; 29.23%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Aurora Hospital Revenue
      (Children&#146;s</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Hospital Association Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.00% 12/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,107,440</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Health
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Catholic Health Initiatives)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.00% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>783,075</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.00% 2/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,521,391</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.25% 2/1/33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,625,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,799,720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series C-1 5.10% 10/1/41 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,042,640</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series D 6.125% 10/1/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>867,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Christian Living Communities Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>6.375% 1/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>615,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>642,712</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.75% 1/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>885,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>885,637</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Evangelical Lutheran Good</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Samaritan Society)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.25% 6/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,045,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 6.125% 6/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>770,888</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(National Jewish Health Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.00% 1/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>513,760</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Sisters of Charity of Leavenworth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Health System) 5.00% 1/1/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,949,452</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Total Long-Term Care)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 6.00% 11/15/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>436,352</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Colorado Springs Hospital
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>6.25% 12/15/33</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>827,183</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Denver Health &amp;
      Hospital Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Revenue (Recovery Zone Facilities)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.625% 12/1/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>785,010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>University of Colorado
    Hospital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Revenue Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.00% 11/15/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>510,330</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>6.00% 11/15/29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>650,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>735,820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>21,223,880</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Housing Revenue Bonds &#150; 2.51%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Housing
      &amp; Finance Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Single Family Mortgage - Class 1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series A 5.50% 11/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(FHA) (VA) (HUD)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>415,272</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Puerto Rico Housing Finance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Subordinated-Capital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Fund Modernization</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.125% 12/1/27</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,068,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.50% 12/1/18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>341,691</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,825,633</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Lease Revenue Bonds &#150; 10.64%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Aurora Certificates
      of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Refunding Series A 5.00% 12/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>630,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>686,637</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Colorado State Building
    Excellent</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Schools Today Certificates</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>of Participation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Series G 5.00% 3/15/32</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,189,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Glendale Certificates
      of Participation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.00% 12/1/25 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,593,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Pueblo County Certificates of</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Participation (County Judicial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Complex Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>5.00% 9/15/42 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,152,700</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Lease Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Puerto Rico Public
      Buildings</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue (Guaranteed</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Government Facilities)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series M-2 5.50% 7/1/35 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>550,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>599,302</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Regional Transportation
    District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Certificates of Participation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.375% 6/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>460,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>505,531</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7,727,630</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Local General Obligation Bonds &#150; 17.75%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Arapahoe County
      School District #1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Englewood 5.00% 12/1/31</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,935,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,375,221</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Arapahoe County Water &amp;
      Wastewater</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Public Improvement District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.125% 12/1/32 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>635,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>642,264</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Boulder, Larimer
      &amp; Weld Counties</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      St. Vrain Valley School District</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      No. Re-1J 5.00% 12/15/33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>831,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Bowles Metropolitan District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/33 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,034,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Denver City &amp;
      County (Better Denver</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &amp; Zoo) Series A 5.00% 8/1/25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,150,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,344,764</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Denver City &amp; County
    School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      District #1 4.00% 12/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>528,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Denver International
      Business</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Center Metropolitan District #1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>650,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>660,699</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Ignacio School District 11JT</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>210,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>241,498</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>410,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>468,560</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>415,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>470,589</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Jefferson County
      School District #R-1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.25% 12/15/24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>952,418</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Rangely Hospital District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.00% 11/1/26</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>838,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sand Creek
      Metropolitan District</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Refunding &amp; Improvement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/31 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>495,945</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>12,886,003</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>&#167;Pre-Refunded Bond &#150; 1.07%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Adams &amp; Arapahoe Counties
      Joint</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      School District #28J (Aurora)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.00% 12/1/28-18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>777,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>777,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds &#150; 33.83%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Denver Convention
      Center Hotel</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 12/1/35 (SGI)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,330,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,260,636</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Guam Government Business
      Privilege</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Tax Revenue Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.125% 1/1/42</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>435,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>467,442</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.25% 1/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>565,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>620,336</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Puerto Rico
      Infrastructure Financing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Special Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series B 5.00% 7/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,475,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,500,319</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Puerto Rico Sales Tax
    Financing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue First Subordinate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.50% 8/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>700,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>752,206</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.50% 8/1/42</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,073,210</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.75% 8/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>590,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>651,301</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A-1 5.00% 8/1/43</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,099,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series C 5.00% 8/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>1,063,190</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series C 5.00% 8/1/46</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>788,445</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series C 6.00% 8/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>570,455</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Regional
      Transportation District</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue (FasTracks Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4.375% 11/1/31 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,287,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4.50% 11/1/36 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,084,180</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 11/1/28 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,850,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 11/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,085,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,499,301</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>24,568,211</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=4><FONT face="Times New Roman" size=1>State &amp; Territory General Obligation Bond &#150;
      0.74%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Public Improvement)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series C 6.00% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>505,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>534,573</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>534,573</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Transportation Revenue Bonds &#150; 8.33%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Denver City &amp;
      County Airport System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue Series A 5.25% 11/15/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>822,675</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>E-470 Public Highway
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue Series C 5.25% 9/1/25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>310,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>325,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Puerto Rico Highway
      &amp; Transportation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series K 5.00% 7/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,580,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,582,477</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Regional Transportation
    District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue (Denver Transit Partners)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.00% 1/15/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,175,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,314,896</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6,045,517</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds &#150; 4.89%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Water
      Resources &amp; Power</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Parker Water &amp; Sanitation District)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series D 5.125% 9/1/34 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,521,030</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.25% 9/1/43 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,025,940</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,546,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=1>Total Municipal Bonds</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(cost
      $96,041,143)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>100,660,328</FONT></B></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
Colorado Municipal Income Fund, Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total Value of Securities &#150;
      138.63%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (cost $96,041,143)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>100,660,328</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=1>&#134;Liquidation Value
      of Preferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>Stock &#150; (41.32%)</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face="Times New Roman" size=1>(30,000,000</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Receivables and Other
    Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>Net of Liabilities &#150; 2.69%</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>1,953,061</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face="Times New Roman" size=1>Net Assets
      Applicable to 4,837,100</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>Shares Outstanding; Equivalent to</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>$15.01 Per Share &#150; 100.00%</STRONG></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><B><FONT face="Times New Roman" size=1>72,613,389</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Components of Net Assets at March 31,
      2012:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Common stock, $0.01 par value, 200
      million shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      authorized to the Fund</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>66,918,121</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Undistributed net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>598,215</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Accumulated net realized gain on
      investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>477,868</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net unrealized
      appreciation of investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,619,185</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Total net assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=1>72,613,389</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 99%"><FONT face="Times New Roman" size=1>Variable rate security. The rate shown is
      the rate as of March 31, 2012. Interest rates reset
  periodically.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right; width: 1%"><FONT face="Times New Roman" size=1>&#167;</FONT></TD>
    <TD STYLE="width: 99%; text-align: left; vertical-align: top; width: 99%"><FONT face="Times New Roman" size=1>Pre-Refunded bonds.
      Municipal bonds that are generally backed or secured by U.S. Treasury
      bonds. For pre-refunded bonds, the stated maturity is followed by the year
      in which the bond is pre-refunded. See Note 9 in &#147;Notes to financial
      statements.&#148;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#134;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 99%"><FONT face="Times New Roman" size=1>See Note 6 in &#147;Notes to financial
statements.&#148;</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face="Times New Roman" size=1>AGM &#151; Insured by Assured
Guaranty Municipal Corporation <BR>AMBAC &#151; Insured by AMBAC Assurance
Corporation <BR>ASSURED GTY &#151; Insured by Assured Guaranty Corporation <BR>FHA &#151;
Federal Housing Administration <BR>HUD &#151; Housing &amp; Urban Development Section
8<BR></FONT><FONT face="Times New Roman" size=1>NATL-RE &#151; Insured by National Public Finance
Guarantee Corporation <BR>SGI &#151; Insured by Syncora Guarantee
Inc.<BR></FONT><FONT face="Times New Roman" size=1>VA &#151; Veterans Administration
collateral</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc. <BR></FONT></B><FONT face="Times New Roman" size=2>March 31,
2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds &#150; 142.49%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Corporate-Backed Revenue Bonds &#150; 11.76%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Cloquet Pollution Control Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Potlatch Project)
      5.90% 10/1/26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,514,135</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Laurentian Energy Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Cogeneration Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 12/1/21</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,325,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,459,131</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Sartell Environmental Improvement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue
      (International Paper)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.20%
      6/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,014,210</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Tobacco Securitization Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (Tobacco Settlement)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series B 5.25% 3/1/26</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,199,020</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.25% 3/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>7,400,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>8,021,674</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>20,208,170</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Education Revenue Bonds &#150; 17.33%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minnesota Higher Education Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Augsburg
      College)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 6-J1 5.00%
      5/1/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,531,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Carleton
      College)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series D 5.00%
      3/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,120,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,246,784</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 6-T 5.00%
      1/1/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,104,630</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(College of St.
      Benedict)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 5-W 5.00%
      3/1/20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,034,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 7-M 5.00%
      3/1/31</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>311,814</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.125%
    3/1/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>275,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>283,286</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(St. Mary&#146;s
      University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 5-U 4.80%
      10/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,400,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,425,816</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(St. Scholastic
      College)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series H 5.25%
      12/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,051,770</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(University of St.
      Thomas)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 6-X 5.00%
      4/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,399,940</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 7-A 5.00%
      10/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,083,470</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>St. Paul Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority Charter School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Lease Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Nova Classical Academy)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 6.375% 9/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>784,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>University of Minnesota</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      12/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,110,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,316,194</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,880,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,215,091</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/31</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,163,560</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,415,140</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.25%
4/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,149,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series C 5.00%
      12/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,290,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,582,714</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>University of Minnesota Special</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Purpose Revenue (State</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Supported Biomed Science)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 8/1/35</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,040,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,163,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series B 5.00% 8/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,516,639</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,780,517</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Electric Revenue Bonds &#150; 5.94%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Chaska Electric Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Generating
      Facilities)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.25%
      10/1/25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>267,498</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota Municipal Power Agency</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Electric Revenue Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 10/1/34</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,900,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,050,898</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.25% 10/1/19</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,610,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,733,954</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Southern Minnesota Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Power Agency Supply
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.25%
      1/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,103,430</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Western Minnesota Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Power Agency Supply Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 1/1/30
    (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5,052,549</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,208,329</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds &#150; 30.82%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Anoka Health Care Facility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue
      (Homestead</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Anoka Income
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 7.00%
      11/1/46</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,200,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,240,032</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Center City Health Care</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Facilities Revenue (Hazelden</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Foundation Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>4.75% 11/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>850,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>881,467</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 11/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,675,472</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Fergus Falls Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Lake Region
      Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
8/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,020,810</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Glencoe Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (Glencoe Regional</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Health Services Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 4/1/25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,029,480</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Maple Grove Health Care System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Maple Grove
      Hospital)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.25%
5/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,100,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,127,291</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Minneapolis &amp; St. Paul Housing &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Redevelopment Authority
Health</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Care Facilities (Children&#146;s
      Hospital)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A1 5.00% 8/15/34 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>531,055</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minneapolis Health Care System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Fairview
      Health Services)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 6.625%
      11/15/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>696,324</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B 6.50%
      11/15/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(ASSURED
    GTY)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,295,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,510,799</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series D 5.00%
      11/15/34</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,042,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Minneapolis Revenue (National</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Marrow Donor Program Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>4.875% 8/1/25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,011,950</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
Minnesota Municipal Income Fund II, Inc. </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=3><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minnesota Agricultural &amp; Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Board
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Un-Refunded Balance
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.75% 11/15/26
      (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100,119</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.375%
    11/15/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>195,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>195,322</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Rochester Health Care &amp; Housing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue (Samaritan Bethany)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 7.375% 12/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,220,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,319,284</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Rochester Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Mayo
      Clinic)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.00%
    11/15/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,419,570</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series C 4.50%
      11/15/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,150,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,817,112</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Shakopee Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue (St. Francis Regional</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Medical Center) 5.25% 9/1/34</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,560,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,579,516</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>St. Cloud Health Care Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Centracare Health
      System Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.50% 5/1/39 (ASSURED
      GTY)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,621,440</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.125%
      5/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,425,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,754,794</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>St. Louis Park Health Care</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Park Nicollet Health
    Services)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.75% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,279,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series C 5.50% 7/1/23</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,104,300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>St. Paul Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Health Care
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Allina Health
      System)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      11/15/18 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,380,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,612,061</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A-1 5.25%
      11/15/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,395,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,518,597</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Franciscan Health
      Elderly Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.40% 11/20/42 (GNMA)
      (FHA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,700,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,712,933</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Health East
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.00%
    11/15/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,775,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,818,928</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.00%
    11/15/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,018,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Health Partners
      Obligation Group</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 5.25%
      5/15/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,041,380</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Regions Hospital
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.30%
    5/15/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,620</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Senior Carondelet
      Village Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 6.00%
      8/1/42</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>770,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>797,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Washington County Housing &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Redevelopment Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue (Birchwood &amp;
    Woodbury</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Projects) Series A 5.625%
    6/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,452,810</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Winona Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Winona
      Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Obligated Group)
      5.00% 7/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,010,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,032,372</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>52,962,638</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Housing Revenue Bonds &#150; 8.40%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Chanhassen Multifamily Housing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue (Heritage Park</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Apartments Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>6.20% 7/1/30 (FHA) (HUD)
(AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,105,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,106,403</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minneapolis Multifamily</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Housing
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Gaar Scott Loft
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.95% 5/1/30
      (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(LOC-U.S. Bank
      N.A.)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>860,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>861,789</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Olson Townhomes
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.00% 12/1/19
      (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>655,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>655,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Seward Towers
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 5/20/36
      (GNMA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,047,679</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Sumner Housing
      Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.15% 2/20/45 (GNMA)
      (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,016,820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota State Housing Finance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Agency Revenue (Mortgage</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Backed Securities Program)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>4.40% 7/1/32 (GNMA)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(FNMA) (FHLMC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,506,480</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Rental Housing)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 5.00% 2/1/35 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,005,640</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series D 5.95% 2/1/18
    (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>90,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>90,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Residential Housing)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series B-1 5.35% 1/1/33 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,240,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,240,682</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series D 4.75% 7/1/32 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>985,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>993,806</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series I 5.15% 7/1/38 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>675,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>685,172</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series L 5.10% 7/1/38 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,445,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,468,944</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Washington County Housing &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Redevelopment
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Woodland
      Park</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Apartments
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.70%
    10/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>752,993</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>14,431,808</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Lease Revenue Bonds &#150; 7.22%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Andover Economic Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Authority Public Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Lease Revenue (Andover</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Community Center)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.125% 2/1/24</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>205,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>219,674</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.20% 2/1/29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>410,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>439,905</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>St. Paul Port Authority Lease Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Cedar Street Office
      Building Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,385,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,454,928</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.25%
    12/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,800,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,838,444</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Robert Street Office
      Building Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 3-11 5.00%
      12/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,086,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>University of Minnesota</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 5.00% 12/1/29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,265,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,656,188</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Virginia Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Health Care
      Facility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lease
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.25%
    10/1/25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>680,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>698,952</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.375%
    10/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>965,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,002,693</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>12,396,984</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal
      Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Local General Obligation Bonds &#150; 12.04%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>City of Willmar (Rice Memorial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Hospital Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 4.00% 2/1/32</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,940,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,049,662</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>County of Olmsted</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 3.50% 2/1/27</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,290,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,360,769</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Dakota County Community</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Agency</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Senior Housing Facilities)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00% 1/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,100,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,167,991</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Hopkins Independent School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>District #270 Series A 5.00% 2/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,165,590</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minneapolis Special School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>District #1 5.00% 2/1/19 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,175,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,214,739</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Morris Independent School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>District #769 5.00% 2/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,883,274</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Rocori Independent School District
      #750</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(School Building) Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 2/1/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,010,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,180,589</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 2/1/24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,075,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,234,874</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 2/1/25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,115,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,272,717</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 2/1/26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,155,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,310,821</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Washington County Housing &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Redevelopment Authority Series B</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.50% 2/1/22 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,705,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,710,746</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.50% 2/1/32 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,140,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,143,146</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>20,694,918</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>&#167;Pre-Refunded/Escrowed to Maturity Bonds &#150; 20.36%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Bemidji Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (North Country</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Health Services)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 9/1/24-12 (RADIAN)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,504,815</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Dakota-Washington Counties</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Housing &amp; Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Bloomington Single Family</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Residential Mortgage)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series B 8.375% 9/1/21</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(GNMA) (FHA) (VA) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>7,055,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>10,241,108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minneapolis-St. Paul Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Airports Commission Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00% 1/1/22-13 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>621,534</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Southern Minnesota Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Power Agency Supply</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue Refunding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.75% 1/1/18-13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,715,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,000,758</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>St. Paul Housing &amp;
    Redevelopment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Sales Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Civic Center Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.55% 11/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,599,736</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.55% 11/1/23 (NATL-RE) (IBC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,200,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,747,344</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>University of Minnesota Hospital &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Clinics 6.75% 12/1/16</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,580,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,124,922</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>University of Minnesota Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.50% 7/1/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,020,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.75% 7/1/18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,125,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>34,986,717</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds &#150; 12.93%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Guam Government Business</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Privilege Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.25% 1/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,360,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,493,198</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Hennepin County Sales Tax Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Second Lien-Ballpark Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B 4.75% 12/15/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,905,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,087,518</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Minneapolis Community Planning</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>&amp; Economic Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Department (Limited Tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Supported Common Bond Fund)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.25% 12/1/30</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,144,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series 1 5.50% 12/1/24 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,040,620</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series 1 6.75% 12/1/25 (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>865,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>868,270</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series 5 5.70% 12/1/27</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>375,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>376,939</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minnesota Public Safety Radio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 6/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,845,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,301,395</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Sales Tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Financing Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series C 5.00% 8/1/46</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,835,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>^</FONT></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Capital Appreciation) Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.73% 8/1/44 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>8,485,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,377,116</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.82% 8/1/45 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>8,690,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,329,396</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>First Subordinate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A-1 5.00% 8/1/43</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,099,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.75% 8/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,200,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,324,680</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>St. Paul Port Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Brownsfields Redevelopment Tax)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series 2 5.00% 3/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>895,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>938,041</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>22,216,598</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>State &amp; Territory General Obligation
      Bonds &#150; 11.84%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota State Refunding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(State Various Purpose)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series D 5.00% 8/1/24</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,700,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,234,195</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minnesota State (State Trunk
    Highway)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 8/1/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,231,080</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 10/1/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>8,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>9,942,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 10/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,715,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,370,735</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Public Improvement</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.75% 7/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,565,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>20,344,080</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
Minnesota Municipal Income Fund II, Inc. </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><FONT face="Times New Roman" size=1>Transportation Revenue Bonds &#150; 2.21%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minneapolis - St. Paul Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Airports
      Commission</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue Series
      A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 1/1/28
      (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,335,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,345,960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00% 1/1/35
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,050,220</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=1>St. Paul Port
      Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>(Amherst H. Wilder
Foundation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Series 3 5.00% 12/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>380,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>407,444</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,803,624</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds &#150; 1.64%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Minnesota Public Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revolving Fund
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      3/1/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,258,340</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=1>St. Paul Sewer
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Series D 5.00% 12/1/21</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,325,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,550,237</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,808,577</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Total Municipal Bonds</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>(cost $232,295,657)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>244,842,960</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Total Value of Securities &#150;
142.49%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>(cost $232,295,657)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>244,842,960</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><B><FONT face="Times New Roman" size=1>&#134;Liquidation Value of Preferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face="Times New Roman" size=1>Stock &#150;
      (43.65%)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face="Times New Roman" size=1>(75,000,000</FONT></B></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1><b>)</b></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Receivables and Other Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=1>Net of Liabilities &#150; 1.16%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>1,991,603</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><B><FONT face="Times New Roman" size=1>Net Assets Applicable to
11,504,975</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face="Times New Roman" size=1>Shares
      Outstanding; Equivalent to</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=1><STRONG>$</STRONG><STRONG>14.94 Per Share &#150;
      100.00%</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 3%"><B><FONT face="Times New Roman" size=1>171,834,563</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=5><B><FONT face="Times New Roman" size=1>Components of Net Assets at March 31,
      2012:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=5><FONT face="Times New Roman" size=1>Common stock, $0.01 par value, 200 million shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=1>authorized to the
      Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>157,931,075</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Undistributed net investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,504,205</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=5><FONT face="Times New Roman" size=1>Accumulated net realized loss on investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(148,020</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Net unrealized appreciation of investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12,547,303</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><FONT face="Times New Roman" size=1>Total net assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 3%"><FONT face="Times New Roman" size=1>171,834,563</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>


  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%"><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 99%; text-align: left">
      <P align=left><FONT face="Times New Roman" size=1>Variable rate security. The rate
      shown is the rate as of March 31, 2012. Interest rates reset
      periodically.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">&#167;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Pre-Refunded bonds. Municipal bonds
      that are generally backed or secured by U.S. Treasury bonds. For
      pre-refunded bonds, the stated maturity is followed by the year in which
      the bond is pre-refunded. See Note 9 in &#147;Notes to financial
      statements.&#148;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">^</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Zero coupon security. The rate shown
      is the yield at the time of purchase.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">&#134;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>See Note 6 in &#147;Notes to financial
      statements.&#148;</FONT></P></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face="Times New Roman" size=1>AGM &#151; Insured by Assured
Guaranty Municipal Corporation <BR>AMBAC &#151; Insured by AMBAC Assurance
Corporation <BR>AMT &#151; Subject to Alternative Minimum Tax <BR>ASSURED GTY &#151;
Insured by Assured Guaranty Corporation <BR>FHA &#151; Federal Housing Administration
<BR>FHLMC &#151; Federal Home Loan Mortgage Corporation collateral <BR>FNMA &#151; Federal
National Mortgage Association collateral <BR>GNMA &#151; Government National Mortgage
Association collateral <BR>HUD &#151; Housing &amp; Urban Development Section 8
<BR>IBC &#151; Insured Bond Certificate <BR>LOC &#151; Letter of Credit <BR>NATL-RE &#151;
Insured by National Public Finance Guarantee Corporation <BR>RADIAN &#151; Insured by
Radian Asset Assurance <BR>VA &#151; Veterans Administration collateral</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments National Municipal
Income Fund<BR></FONT></B><FONT face="Times New Roman" size=2>March 31, 2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds &#150; 120.52%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=4><FONT face="Times New Roman" size=1>Corporate-Backed Revenue Bonds &#150; 15.13%</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Apache County, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Development Authority Pollution</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Control Revenue (Tucson Electric</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Power) Series A 4.50%
      3/1/30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>753,254</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Buckeye, Ohio Tobacco Settlement</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Financing Authority
      Asset-Backed</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Senior Turbo Series A-2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.875% 6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>480,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>361,843</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.50% 6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>430,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>355,705</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Delaware State Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Authority
      Exempt</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Facilities (Indian
      River Power)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.375%
    10/1/45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>511,990</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Golden State, California Tobacco</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Securitization
      Corporate Settlement</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (Asset-Backed Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Notes) Series A-1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.125% 6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>370,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>256,218</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.75% 6/1/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,615,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,240,739</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Harris County, Texas Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Development Solid Waste Disposal</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Deer Park
      Refining</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 5.00%
      2/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>150,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>160,541</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Illinois Railsplitter Tobacco Settlement</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority 6.25% 6/1/24</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>559,575</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Louisiana Local Government</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Environmental
      Facilities &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Community
      Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority (Westlake
      Chemical)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 6.50%
      8/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>645,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>731,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A-1 6.50%
      11/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>255,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>285,388</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Maryland Economic Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Port Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(CNX Marine Terminals)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.75% 9/1/25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>260,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>270,608</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Navajo County, Arizona Pollution</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Control
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series D 5.75%
      6/1/34</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>565,425</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>New Jersey Tobacco Settlement</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Financing Series 1A
      5.00% 6/1/41</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>381,305</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New York Liberty Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Goldman
      Sachs</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Headquarters) 5.25%
      10/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>544,495</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Ohio State Air Quality Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority Revenue (First
    Energy</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Generation) Series A
      5.70% 8/1/20</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>260,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>295,994</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Pennsylvania Economic Development</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Financing Authority
      Exempt</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Facilities Revenue
      (Allegheny</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Energy Supply) 7.00%
      7/15/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>345,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>397,154</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Pima County, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Development Authority
      Pollution</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Control Revenue
      (Tucson Electric</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Power San Juan) 5.75% 9/1/29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>265,053</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Salt Verde Financial, Arizona</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Gas Revenue Senior
      Note</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/37</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>400,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>397,712</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>St. John the Baptist Parish, Louisiana</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Marathon Oil)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.125% 6/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>517,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Suffolk County, New York Tobacco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Asset
      Securitization</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B 5.00%
      6/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>752,618</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>9,604,642</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Education Revenue Bonds &#150; 16.19%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Arizona Board of Regents System</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (University of
    Arizona)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 6/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>539,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Bowling Green, Ohio Student Housing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (CFP I State
      University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 6.00%
      6/1/45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>270,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>276,980</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>California State Educational Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority Revenue (Chapman</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>University) 5.00% 4/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>725,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>775,118</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>California Statewide Communities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Authority
      School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Facility Revenue
      (Aspire Public</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Schools) 6.125%
      7/1/46</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>625,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>649,219</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>California Statewide Communities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Development Authority Student</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Housing Revenue (Irvine, LLC -
      UCI</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>East Campus) 6.00% 5/15/23</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>470,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>518,180</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Marietta, Georgia Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      (Life University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 7.00%
      6/15/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>430,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>437,714</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Maryland State Economic Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Student Housing Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(University of Maryland
    College</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Park Projects) 5.75% 6/1/33</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>370,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>397,432</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Massachusetts State Health &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Educational
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Harvard
      University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      12/15/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>695,208</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Missouri State Health &amp; Educational</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Facilities Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Washington University)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series B 5.00% 11/15/30</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>705,966</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Monroe County, New York Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Revenue
      (Nazareth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>College Rochester
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.50%
    10/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>539,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Montgomery County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Higher Education &amp; Health</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority Revenue (Arcadia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>University) 5.25% 4/1/30</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>550,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>579,167</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New Jersey Economic Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      (MSU Student</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Housing Project)
      5.875% 6/1/42</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>735,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>792,976</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
National Municipal Income Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=3><FONT face="Times New Roman" size=1>Education Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New York City, New York Trust for</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cultural Resources
      (Whitney</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Museum of American
      Art)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
7/1/31</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>539,845</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>New York State Dormitory Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Columbia University)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.00% 10/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>676,644</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">#</FONT></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Oregon State Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Concordia
      University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project)
    144A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 6.125%
      9/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>135,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>142,011</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Pennsylvania State Higher Educational</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facilities Authority Student</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Housing Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Edinboro University
    Foundation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.80% 7/1/30</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>400,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>424,164</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(University Properties &#150; East</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Stroudsburg University)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.25% 7/1/19</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>510,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>543,808</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Private Colleges &amp; Universities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      (Mercer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University Project)
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    10/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>135,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>136,322</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Troy, New York Capital Resource</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue (Rensselaer
    Polytechnic)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 5.125% 9/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>640,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Wyoming Community Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Student
      Housing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (CHF-Wyoming
      LLC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.50%
7/1/43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>266,980</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>10,276,694</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Electric Revenue Bonds &#150; 2.21%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Electric Power</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series WW 5.50% 7/1/38</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>209,614</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series XX 5.25% 7/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>805,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>833,545</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series ZZ 5.25% 7/1/26</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>330,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>358,126</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,401,285</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=3><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds &#150; 18.75%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Arizona Health Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Catholic
      Healthcare</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>West) Series D 5.00%
      7/1/28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>531,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Brevard County, Florida Health</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facilities Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Health First Project) 7.00%
      4/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>90,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>104,648</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Butler County, Pennsylvania Hospital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      (Butler Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>System Project)
      7.125% 7/1/29</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>350,568</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>California State Health Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Financing Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Lucile Packard Childrens
      Hospital)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 5.00% 8/15/51</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,185,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,252,261</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Glendale, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Authority
      Hospital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (John C.
      Lincoln Health)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    12/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>973,170</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Hawaii Pacific Health Special Purpose</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Revenue Series A 5.50% 7/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>313,005</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Illinois Finance Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Silver Cross &amp;
      Medical Centers)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.00%
    8/15/44</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>450,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>497,318</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Koyukuk, Alaska Revenue (Tanana</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Chiefs Conference Health Care</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facility Project) 7.75%
    10/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>315,456</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Louisiana Public Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Ochsner
      Clinic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Foundation
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.50%
    5/15/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>105,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>119,012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Lycoming County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Authority Health System
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Susquehanna Health System</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Project) Series A 5.50%
7/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>529,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Maine Health &amp; Higher Educational</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Facilities Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Maine General
      Medical Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.75%
7/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>326,424</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Maricopa County, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Development Authority Health</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facilities Revenue (Catholic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Healthcare West)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 6.00% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>558,215</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Massachusetts State Health &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Education Facilities
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue
      (Caregroup)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series E-2 5.375%
      7/1/19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>360,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>418,874</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>Monroe County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Hospital Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Pocono Medical Center)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Series A 5.00% 1/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>509,825</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Montgomery County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Industrial
      Development Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue
      (Mtg-Whitemarsh</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Continuing Care)
      6.25% 2/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>675,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>633,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>New Hampshire Health &amp; Education</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Facilities Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Dartmouth-Hitchcock Medical</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Center) 6.00% 8/1/38</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>342,408</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New Jersey Health Care Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Financing Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Refunding (St. Peters
      University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Hospital) 6.25%
      7/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>333,471</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="91%" colSpan=2><FONT face="Times New Roman" size=1>New Mexico State Hospital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Equipment Loan Council
Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>(Presbyterian Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>5.00% 8/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>527,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Ohio State Hospital Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Refunding (Cleveland
      Clinic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Health) Series A
      5.50% 1/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>326,658</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Healthcare Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Philadelphia, Pennsylvania Hospitals</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&amp; Higher
      Education Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      (Temple</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University Health
      System)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.50%
      7/1/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>303,447</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>University Medical Center, Tucson,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Arizona Hospital Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.50% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>564,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>West Virginia Hospital Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority (Highland
      Hospital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Obligation
      Group)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>9.125%
    10/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>561,785</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Yavapai County, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Development Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Yavapai Regional Medical
    Center)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.25% 8/1/21
(RADIAN)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,515,030</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11,907,575</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Housing Revenue Bonds &#150; 2.59%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>California Municipal Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Mobile Home
      Park</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Caritas
      Projects) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.50%
    8/15/47</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>754,665</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.40%
    8/15/45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>435,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>463,901</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Florida Housing Finance Homeowner</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Mortgage Revenue Series 2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.90% 7/1/29 (NATL-RE) (AMT)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>225,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>227,619</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Housing Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority
      (Subordinated-Capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Fund
      Modernization)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.50%
    12/1/18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>175,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>199,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,645,505</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Lease Revenue Bonds &#150; 12.39%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>California State Public Works Board</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Lease Revenue (Various
Capital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Projects) Series A 5.00%
    4/1/37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,016,930</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Capital Area, Austin, Texas Cultural</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Education Facilities
      Finance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Roman
      Catholic Diocese)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B 6.125%
      4/1/45</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>105,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>112,214</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Hudson Yards, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Infrastructure Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.75% 2/15/47</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,100,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,232,528</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Idaho State Building Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (Health &amp;
      Welfare Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      9/1/24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>135,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>158,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(State Police) Series
      I 5.00% 9/1/23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>760,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>890,614</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>New Jersey Economic Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority (School Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Construction) Series EE</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 9/1/18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>118,265</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New York Liberty Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (4 World
      Trade Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.75%
    11/15/51</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,970,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,215,422</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(7 World Trade
      Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Class 1 5.00%
      9/15/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>360,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>393,815</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Class 2 5.00%
      9/15/43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>640,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>675,174</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Pima County, Arizona Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Development Authority Metro</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Police Facility Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Nevada Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.25% 7/1/31</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>523,740</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.375% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>529,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7,866,497</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Local General Obligation Bonds &#150; 3.85%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Gila County, Arizona Unified School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>District #10 (Payson
      School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Improvement Project
      of 2006)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.25% 7/1/27
      (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>544,505</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Maricopa County, Arizona School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>District #6 (Washington)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Refunding Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.375% 7/1/13 (AGM)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,327,387</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New York City, New York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A-1 5.25%
      8/15/21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>294,223</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series I-1 5.375%
      4/1/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>281,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,447,565</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>&#167;Pre-Refunded Bonds &#150; 3.65%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Salt River Project, Arizona Agricultural</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Improvement &amp; Power
    District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue Series B 5.00%
    1/1/25-13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,294,863</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Southern Arizona Capital Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Finance (University
      of Arizona</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 5.00%
      9/1/23-12 (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,020,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,314,923</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds &#150; 16.78%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Anne Arundel County, Maryland</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Special Obligation Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(National Business Park-North</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Project) 6.10% 7/1/40</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>206,582</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Brooklyn Arena Local Development,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>New York Pilot
      Revenue (Barclays</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Center Project) 6.50%
      7/15/30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>337,572</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>California State Economic Recovery</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.25% 7/1/21</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>260,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>310,097</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>California Statewide Communities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Statewide Inland
      Regional Center</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Project) 5.375%
      12/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>494,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Glendale, Arizona Municipal Property</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 7/1/33 (AMBAC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,015,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Jacksonville, Florida Transportation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue 5.25% 10/1/29
      (NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>601,746</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Statements of net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
National Municipal Income Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" bgColor=#c0c0c0 colSpan=3><B><FONT face="Times New Roman" size=1>Municipal Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Special Tax Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Massachusetts Bay Transportation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority
      Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.25%
      7/1/29</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>248,728</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Miami-Dade County, Florida Special</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Obligation (Capital Appreciation
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Income) Series B 5.00%
10/1/35</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(NATL-RE)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,036,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Mosaic District, Virginia Community</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development Authority
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.875%
    3/1/36</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>520,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>564,496</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>New York City, New York Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Development Agency Civic
    Facility</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (YMCA of Greater New</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>York Project) 5.00% 8/1/36</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,033,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>New York State Dormitory Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(State Personal
      Income Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue-Education)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      3/15/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>570,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>617,812</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Peoria, Arizona Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Development Authority Sales Tax
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Excise Shared Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Senior Lien &amp; Subordinate
      Lien)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 1/1/18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,085,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,277,478</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Sales Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Financing
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series C 5.00%
      8/1/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>637,914</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First
      Subordinate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.75%
      8/1/37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>245,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>270,456</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series C 6.00%
      8/1/39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>342,273</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Symbol size=1>W</FONT></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Convertible Capital
      Appreciation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Bonds) 6.75%
      8/1/32</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>220,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>212,938</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>San Mateo, California Special Tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Community Facilities District</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>#2008-1 (Bay Meadows)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.00% 9/1/42</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>95,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>98,877</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Virginia Public Building Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      8/1/26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,179,520</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">^</FONT></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Wyandotte County, Kansas City,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Kansas Unified Government</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Special Obligation Revenue
      (Capital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Appreciation) Sales Tax
      Subordinate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=1>Lien Series B 6.07%
      6/1/21</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=1>165,225</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,652,184</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" colSpan=5><FONT face="Times New Roman" size=1>State &amp; Territory General Obligation Bonds &#150;
      7.74%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>California State Various Purposes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
9/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>460,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>484,891</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.00%
    10/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>440,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>463,993</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.25%
    11/1/40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>320,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>344,358</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.00%
4/1/38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>105,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120,302</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>New York State Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 2/15/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>328,713</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Oregon State Series K 5.00% 5/1/22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,244,029</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Puerto Rico Commonwealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Public Improvement)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 7/1/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,100,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,048,773</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.75% 7/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>521,890</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series C 6.00% 7/1/39</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>335,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>354,618</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,911,567</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" colSpan=3><FONT face="Times New Roman" size=1>Transportation Revenue Bonds &#150; 15.40%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Central Texas Regional Mobility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Authority Revenue
      Senior Lien</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.00%
1/1/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>520,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>568,792</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Harris County, Texas Metropolitan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Transit Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 11/1/24</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>594,780</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Maryland State Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Development
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Transportation
      Facilities Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.75%
      6/1/35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>255,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>269,604</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Metropolitan Transportation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Authority, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A 5.00% 11/15/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>537,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Metropolitan Washington D.C.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Airports Authority
      Dulles Toll Road</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Revenue (First Senior
      Lien)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.25%
      10/1/44</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>245,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>261,491</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>New York Liberty Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Revenue (1 World Trade Center</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Port Authority Construction)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 12/15/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>541,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>North Texas Tollway Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Special Projects
      System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series A 5.00%
      9/1/20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>303,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Pennsylvania Turnpike Commission</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Subordinate (Special Motor</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>License Foundation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>5.00% 12/1/22</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>587,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series B 5.00% 12/1/41</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>544,135</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Phoenix, Arizona Civic Improvement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Airport Revenue
      (Senior Lien)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Series B 5.25%
      7/1/27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(NATL-RE) (FGIC)
      (AMT)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,002,760</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>Port Authority of New York &amp; New</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Jersey Special Obligation
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(JFK International Air
    Terminal)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.00% 12/1/42</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>230,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>256,008</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>6.50% 12/1/28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>539,665</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Regional Transportation, Colorado</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>District Revenue
      (Denver Transit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Partners) 6.00%
      1/15/41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>532,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%" colSpan=2><FONT face="Times New Roman" size=1>St. Louis, Missouri Airport Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>(Lambert-St Louis
    International)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=1>Series A-1 6.625% 7/1/34</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>325,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>373,045</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>16</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT face="Times New Roman" size=1>Principal</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-align: center"><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-align: center"><FONT face="Times New Roman" size=1>Value</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Municipal
      Bonds </FONT></B><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Transportation Revenue Bonds </FONT><FONT face="Times New Roman" size=1>(continued)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Texas Private Activity Bond
Surface</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 88%; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Transportation Senior Lien Revenue</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(LBJ Infrastructure)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>7.00% 6/30/40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>285,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>329,902</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>7.50% 6/30/33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>665,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>799,889</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(NTE Mobility Partners)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>6.875% 12/31/39</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,142,259</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>7.50% 12/31/31</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>594,835</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=1>9,778,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Water &amp; Sewer Revenue Bonds &#150;
      5.84%</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Atlanta, Georgia Water &amp; Wastewater</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>Revenue Series A 6.25% 11/1/39</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>800,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>924,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>New York City, New York Municipal</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Water Finance Authority (Second</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Generation Resolution) Fiscal 2012</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Series BB 5.25% 6/15/44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>525,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>583,816</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Phoenix, Arizona Civic Improvement</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>Wastewater Systems Revenue</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>(Junior Lien) Series A 5.00% 7/1/39</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>900,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>1,006,731</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>San Francisco, California City
    &amp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>County Public Utilities</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Commission Subordinate</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Series F 5.00% 11/1/27</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>577,930</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Texas State Series C 5.00% 8/1/22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>500,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=1>612,215</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>3,705,364</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>Total Municipal Bonds</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>(cost $72,261,131)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><B><FONT face="Times New Roman" size=1>76,512,201</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD COLSPAN="6" STYLE="border-bottom: #000000 1pt solid">&nbsp;</TD>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Short-Term Investments &#150; 36.54%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT face="Times New Roman" size=1>&#164;Variable Rate Demand Notes &#150; 36.54%</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Brooklyn Center, Minnesota Revenue</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(Brookdale II Project) 0.21%</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>12/1/14 (LOC-U.S. Bank N.A.)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Maryland State Health &amp; Higher</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>Educational Facilities Authority</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>Revenue (University Medical</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>System) Series D 0.19% 7/1/41</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>(LOC-TD Bank N.A.)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Mississippi State Business Finance</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Commission Gulf Opportunity</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(Chevron USA) Series G</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>0.17% 11/1/35</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>New York City, New York Subseries</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>D-3
      0.17% 10/1/39 (LOC-Bank of</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>New
      York Mellon)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>5,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Philadelphia, Pennsylvania
    Authority</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>for Industrial Development</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Revenue (Newcourtland Elder</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Services Project) 0.17% 3/1/27</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(LOC-PNC Bank N.A.)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Southeastern Pennsylvania</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>Transportation Authority 0.17%</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>3/1/22 (LOC-PNC Bank N.A.)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>6,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>6,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>St. Paul, Minnesota Port Authority</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(Minnesota Public Radio Project)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Series 7 0.21% 5/1/25 (LOC-JP</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Morgan Chase Bank N.A.)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>1,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>Total Short-Term Investments</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR valign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>(cost $23,200,000)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><B><FONT face="Times New Roman" size=1>23,200,000</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR>
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left"></TD>
    <TD COLSPAN="6" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Total Value of Securities &#150;
      157.06%</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>(cost $95,461,145)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>99,712,201</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>&#134;Liquidation Value of
Preferred</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>Stock &#150; (47.25%)</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><B><FONT face="Times New Roman" size=1>(30,000,000</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"><STRONG><FONT face="Times New Roman" size=1>)</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Liabilities Net of Receivables
    and</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Other Assets &#150; (9.81%)</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>(6,224,721</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0; padding-bottom: 1pt"><STRONG><FONT face="Times New Roman" size=1>)</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>Net Assets Applicable to
    4,528,443</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="4" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>Shares Outstanding; Equivalent
    to</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><B><FONT face="Times New Roman" size=1>$14.02 Per Share &#150; 100.00%</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: right"><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: right"><B><FONT face="Times New Roman" size=1>63,487,480</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR>
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left"></TD>
    <TD COLSPAN="6" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="5" STYLE="text-align: left; background-color: #c0c0c0"><B><FONT face="Times New Roman" size=1>Components of Net Assets at March 31,
      2012:</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="5" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Common stock, $0.01 par value, unlimited shares</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=1>authorized to the Fund</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>60,617,476</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Undistributed net investment
income</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>376,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="5" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Accumulated net realized loss on investments</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=1>(1,757,484</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="5" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>Net unrealized appreciation of
      investments</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=1>4,251,056</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT face="Times New Roman" size=1>Total net assets</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: right"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: right"><FONT face="Times New Roman" size=1>63,487,480</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%"><FONT size=2 face="Times New Roman">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 99%; text-align: left">
      <P align=left><FONT face="Times New Roman" size=1>Variable rate security. The rate
      shown is the rate as of March 31, 2012. Interest rates reset
      periodically.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">#</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Security exempt from registration
      under Rule 144A of the Securities Act of 1933, as amended. At March 31,
      2012, the aggregate value of Rule 144A securities was $142,011, which
      represented 0.22% of the Fund&#146;s net assets. See Note 9 in &#147;Notes to
      financial statements.&#148; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">&#167;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Pre-Refunded bonds. Municipal bonds
      that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is
      followed by the year in which the bond is pre-refunded. See Note 9 in
      &#147;Notes to financial statements.&#148;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT face=Symbol size=1>W</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Step coupon bond. Indicates security
      that has a zero coupon that remains in effect until a predetermined date
      at which time the stated interest rate becomes effective.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">^</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>Zero coupon security. The rate shown
      is the yield at the time of purchase.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">&#164;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>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></P></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"><FONT size=1 face="Times New Roman">&#134;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=1>See Note 6 in &#147;Notes to financial
      statements.&#148;</FONT></P></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=1>Summary of
Abbreviations:<BR></FONT></B><FONT face="Times New Roman" size=1>AGM &#151; Insured by Assured
Guaranty Municipal Corporation <BR>AMBAC &#151; Insured by AMBAC Assurance
Corporation <BR>AMT &#151; Subject to Alternative Minimum Tax <BR>FGIC &#151; Insured by
Financial Guaranty Insurance Company <BR>LOC &#151; Letter of Credit<BR></FONT><FONT face="Times New Roman" size=1>NATL-RE &#151; Insured by National Public Finance Guarantee
Corporation <BR>RADIAN &#151; Insured by Radian Asset Assurance</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Statements of assets and
liabilities</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B><BR><FONT face="Times New Roman" size=2>March 31, 2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Delaware</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Delaware</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Delaware</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Income</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Fund, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Fund II,
    Inc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Assets:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Investments, at value</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100,660,328</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>244,842,960</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>76,512,201</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments,
      at value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>23,200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cash</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>159,204</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>259,654</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for
      securities sold</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>578,544</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,954,827</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,148</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Interest income receivable</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,352,217</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3,413,265</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>992,784</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization expense for
      preferred shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>241,167</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>417,025</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>98,451</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>102,991,460</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>252,628,077</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>101,073,238</FONT></TD></TR>
  <TR>
    <TD width="103%" colSpan=10>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Liabilities:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Liquidation value of preferred stock</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>30,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>75,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>30,000,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities
      purchased</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,894,808</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7,214,787</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cash overdraft</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>11,468</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to manager and
      affiliates</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>35,822</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>85,984</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>76,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other accrued expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>29,838</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>54,024</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>71,916</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions
      payable</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>312,411</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>747,230</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>222,586</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total liabilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>30,378,071</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>80,793,514</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>37,585,758</FONT></TD></TR>
  <TR>
    <TD width="103%" colSpan=10>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total net assets</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>72,613,389</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>171,834,563</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>63,487,480</FONT></TD></TR>
  <TR>
    <TD width="103%" colSpan=10>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at
      cost</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96,041,143</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>232,295,657</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>72,250,300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Short-term investments, at cost</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>23,200,000</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=left><FONT face="Times New Roman" size=6>Statements of operations</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds<BR></FONT></B><FONT face="Times New Roman" size=2>Year Ended March 31,
2012</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Delaware</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Delaware</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Delaware</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Investments</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Investments</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Income</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund II,
    Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Investment Income:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Interest</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,738,239</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>8,914,949</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,924,814</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Expenses:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Management fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>321,777</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>777,003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>240,043</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>50,931</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>118,157</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>160,134</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounting and administration expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>31,613</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>76,337</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>23,588</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend disbursing and
      transfer agent fees and expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>27,812</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>65,817</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>61,970</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Audit and tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>17,566</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>21,173</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>22,471</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports and statements
      to shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>15,328</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,051</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>32,670</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Rating agency fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>13,735</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>13,978</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,273</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,525</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7,944</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,209</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Taxes (Pennsylvania franchise tax)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>5,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>26,100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock exchange
      fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,678</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11,232</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,992</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Directors&#146;/Trustees&#146; fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,554</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>8,545</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,041</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,449</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,932</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,547</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Dues and services</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>1,657</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,723</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,101</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,086</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,479</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,220</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Registration fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>865</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>595</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>1,263</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consulting
fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>495</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,226</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>441</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Directors&#146;/Trustees&#146; expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>245</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>581</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>211</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating
      expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>504,316</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,167,873</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>581,174</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><B><FONT face="Times New Roman" size=1>Net Investment
      Income</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,233,923</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,747,076</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,343,640</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net Realized and Unrealized Gain:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net realized gain on investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>976,769</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>1,701,330</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>909,697</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized
      appreciation (depreciation) of investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6,668,604</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11,778,378</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,515,112</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><B><FONT face="Times New Roman" size=1>Net Realized and
      Unrealized Gain</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,645,373</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>13,479,708</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>5,424,809</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Dividends and distributions to Preferred
      Shareholders</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(149,762</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(374,404</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(18,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><B><FONT face="Times New Roman" size=1>Net Increase in Net
      Assets Resulting from Operations</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>10,729,534</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>20,852,380</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,749,545</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Statements of changes in net
assets</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Colorado Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Minnesota Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Income Fund, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Income Fund II, Inc.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Year Ended</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Year Ended</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Increase (Decrease) in Net
      Assets from Operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,233,923</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,907,637</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,747,076</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,039,279</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net realized gain</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>976,769</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>163,754</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,701,330</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>338,820</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in
      unrealized appreciation (depreciation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>6,668,604</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(3,275,673</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>11,778,378</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(4,887,725</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Dividends and distributions to preferred shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(149,762</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(374,404</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase
      (decrease) in net assets resulting from operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>10,729,534</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(204,282</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>20,852,380</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,490,374</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Dividends and
      distributions to Common Shareholders from:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(2,805,518</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(2,757,147</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(6,672,886</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(6,557,836</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2,805,518</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2,757,147</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(6,672,886</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(6,557,836</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net Increase (Decrease) in
      Net Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7,924,016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2,961,429</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14,179,494</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(4,067,462</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net Assets:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of
      period</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>64,689,373</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>67,650,802</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>157,655,069</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>161,722,531</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      End of period</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>72,613,389</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64,689,373</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>171,834,563</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>157,655,069</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Undistributed net investment income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>598,215</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>323,399</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,504,205</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>827,677</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>National Municipal</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><FONT face="Times New Roman" size=1>Year Ended</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Increase (Decrease) in Net
      Assets from Operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,343,640</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>1,477,681</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net realized gain (loss)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>909,697</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(25,702</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in
      unrealized appreciation (depreciation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,515,112</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(1,265,634</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Dividends and distributions to preferred shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(18,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in
      net assets resulting from operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>7,749,545</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>186,345</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Dividends and
      Distributions to Common Shareholders from:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(2,295,215</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>(1,277,711</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2,295,215</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1,277,711</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Capital Share
      Transactions:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets from
      merger to Common Shareholders*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>40,715,147</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Tender offer**</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(13,240,759</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>27,474,388</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net Increase (Decrease) in
      Net Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>32,928,718</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1,091,366</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net Assets:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of
      period</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>30,558,762</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>31,650,128</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      End of period</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>63,487,480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>30,558,762</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed net investment
      income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>376,432</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>344,090</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR><FONT size=1 face="Times New Roman">&nbsp; *See Note 7
in &#147;Notes to financial statements.&#148;<BR>**See Note 6 in &#147;Notes to financial
statements.&#148;</FONT><BR>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Financial highlights</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="24%" colSpan=14><FONT face="Times New Roman" size=2>Year
      Ended</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/12</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/11</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/10</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/09</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/08</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, beginning of
      period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.370</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.990</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.220</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.260</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$15.100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Income (loss) from investment
      operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.669</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.601</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.607</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.755</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.937</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net realized and unrealized gain (loss) on
      investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.582</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.651</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.733</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.965</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.604</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Dividends and distributions on preferred stock from:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.031</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.173</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.264</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on
      investments</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.050</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Total dividends and distributions on
      preferred stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.031</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.173</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.314</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Total from investment operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2.220</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.050</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1.340</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.383</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.019</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Less dividends and distributions to common
      shareholders from:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.580</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.657</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.720</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net realized gain on investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.139</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Total dividends and distributions</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.580</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.657</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.859</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, end of period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$15.010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.370</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.990</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.220</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.260</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Market value, end of period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.450</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.390</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$11.240</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$15.060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total investment return based
      on:</FONT></B><B><FONT face="Times New Roman" size=1><SUP>1</SUP></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Market value</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>22.41%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(3.00%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>24.49%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(21.63%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.14%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>17.19%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.30%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10.55%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2.66%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.19%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Ratios and supplemental data:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      assets applicable to common shares, end of period (000 omitted)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$72,613</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$64,689</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$67,651</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$63,952</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$68,973</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of expenses to average net assets
      applicable to common shares<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.73%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.91%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.03%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Ratio of net investment income to average net assets</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.68%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.31%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.41%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5.55%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6.37%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of net investment income to average
      net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      applicable to common shares net of dividends to preferred
      shares<SUP>3</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.46%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.31%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.41%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.28%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.23%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Portfolio turnover</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>64%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>10%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>20%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>16%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>16%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Leverage analysis:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Value of preferred shares outstanding (000
      omitted)<SUP>4</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$30,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$40,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset coverage per share of preferred
      shares, end of period<SUP>4</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$342,045</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$136,216</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Liquidation value per
      share of preferred shares<SUP>4,5</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$50,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR></TABLE>
<BR>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>1</SUP> Total investment return is calculated assuming a
purchase of common stock on the opening of the first day and a sale on the
closing of the last day of each period reported. Dividends and distributions, if
any, are assumed for the purposes of this calculation to be reinvested at prices
obtained under the Fund&#146;s dividend reinvestment plan. Generally, total
investment return based on net asset value will be higher than total investment
return based on market value in periods where there is an increase in the
discount or a decrease in the premium of the market value to the net asset value
from the beginning to the end of such periods. Conversely, total investment
return based on net asset value will be lower than total investment return based
on market value in periods where there is a decrease in the discount or an
increase in the premium of the market value to the net asset value from the
beginning to the end of such periods.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend
payments to preferred shareholders, if applicable.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>3</SUP> Ratio reflects total net investment income less
dividends paid to preferred shareholders, if applicable, divided by average net
assets applicable to common shareholders.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>4</SUP> In 2008, the Fund redeemed all of its preferred
shares then outstanding at par plus accumulated dividends amounting to
$40,042,778. In November 2011, the Fund issued a new series of 300 variable rate
preferred shares, with a liquidation preference of $100,000 per
share.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>5</SUP> Excluding any accumulated but unpaid
dividends.</FONT></DIV>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=right><I><FONT face="Times New Roman" size=2 color=#808080>(continues) </FONT></I><FONT color=#808080>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6 color=#b2b2b2>Financial highlights</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc.</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="24%" colSpan=14><FONT face="Times New Roman" size=2>Year
      Ended</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/12</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/11</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/10</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/09</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/08</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, beginning of
      period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.700</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.140</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.190</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.880</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Income (loss) from investment
      operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.673</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.612</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.602</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.776</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.962</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net realized and unrealized gain
      (loss)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.180</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.402</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.888</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1.013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.674</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Dividends and distributions on preferred stock from:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.033</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.175</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.318</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Total dividends and distributions on preferred stock</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.033</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.175</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.318</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Total from investment operations</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.820</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.210</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.490</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.412</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.030</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp; </TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Less dividends to common shareholders
      from:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.580</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.638</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.660</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Total dividends</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.580</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.570</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.638</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.660</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, end of period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.940</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.700</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.140</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.190</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Market value, end of period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.230</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.740</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$11.250</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.450</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total investment return based
      on:</FONT></B><B><FONT face="Times New Roman" size=1><SUP>1</SUP></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Market value</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>17.95%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3.32%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>18.58%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(11.91%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(3.58%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>13.90%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.80%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12.04%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2.48%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.08%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Ratios and supplemental data:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Net
      assets applicable to common shares, end of period (000 omitted)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$171,835</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$157,655</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$161,723</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$151,184</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$163,305</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of expenses to average net assets
      applicable to common shares<SUP>2,4</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.70%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.56%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.98%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.18%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Ratio of net investment income to average net assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to common
      shares<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.67%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.35%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.36%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5.74%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6.61%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of net investment income to average
      net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      applicable to common shares net of dividends to preferred
      shares<SUP>3</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.44%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.35%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.36%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.45%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.43%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Portfolio turnover</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>44%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>9%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>19%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>15%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Leverage analysis:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Value of preferred shares outstanding (000
      omitted)<SUP>5</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$75,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$95,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset coverage per share of preferred
      shares, end of period<SUP>5</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$329,113</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$135,950</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Liquidation value per
      share of preferred shares<SUP>5,6</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$50,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR></TABLE>
<BR>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>1 </SUP>Total investment return is calculated assuming a
purchase of common stock on the opening of the first day and a sale on the
closing of the last day of each period reported. Dividends and distributions, if
any, are assumed for the purposes of this calculation to be reinvested at prices
obtained under the Fund&#146;s dividend reinvestment plan. Generally, total
investment return based on net asset value will be higher than total investment
return based on market value in periods where there is an increase in the
discount or a decrease in the premium of the market value to the net asset value
from the beginning to the end of such periods. Conversely, total investment
return based on net asset value will be lower than total investment return based
on market value in periods where there is a decrease in the discount or an
increase in the premium of the market value to the net asset value from the
beginning to the end of such periods.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend
payments to preferred shareholders, if applicable.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>3</SUP> Ratio reflects total net investment income less
dividends paid to preferred shareholders, if applicable, divided by average net
assets applicable to common shareholders.<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>4 </SUP>The ratio of expenses to average net assets
applicable to common shares includes interest and related expenses which
include, but are not limited to, interest expense, remarketing fees, liquidity
fees, and trustees&#146; fees in connection with the Fund&#146;s participation in inverse
floater programs for the years ended March 31, 2009 and 2008. See Notes 1 and 8
in &#147;Notes to financial statements.&#148;<BR></FONT></DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>5 </SUP>In 2008, the Fund redeemed all of its preferred
shares then outstanding at par plus accumulated dividends amounting to
$95,083,577. In November 2011, the Fund issued a new series of 750 variable rate
preferred shares, with a liquidation preference of $100,000 per
share.<BR></FONT>

</div>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left>
<FONT face="Times New Roman" size=1><SUP>6</SUP> Excluding any accumulated
but unpaid dividends. </FONT></DIV>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments National Municipal
Income Fund</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>Selected data for each share of the Fund
outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%" colSpan=14><FONT face="Times New Roman" size=2>Year Ended</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/12</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/11</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/10</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/09</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>3/31/08</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, beginning of
      period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.620</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.070</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$11.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.360</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.560</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Income (loss) from investment
      operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.535</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.610</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.571</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.704</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.919</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net realized and
      unrealized gain (loss)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.409</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.532</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.049</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1.367</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1.081</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Dividends and distributions on
      preferred stock from:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment
      income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.172</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.311</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net realized gain on investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.015</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Total dividends and
      distributions on preferred stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.172</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.326</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Total from investment
    operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1.940</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>0.078</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1.620</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.835</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.488</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Less dividends and distributions to
      common shareholders from:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.540</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.528</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.510</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.565</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.668</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net realized gain on
      investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(0.044</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Total dividends and
    distributions</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.540</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.528</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.510</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.565</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(0.712</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Net asset value, end of
      period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$14.020</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.620</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.070</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$11.960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.360</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Market value, end of
    period</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$13.240</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$12.140</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$10.850</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$11.950</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Total investment return based
      on:</FONT></B><B><FONT face="Times New Roman" size=1><SUP>1</SUP></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Market value</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>13.19%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.78%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>16.69%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(4.31%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>(13.11%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset
    value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>15.87%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.67%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>13.97%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(5.65%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(3.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Ratios and supplemental
    data:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Net assets applicable to common shares,
      end of period (000 omitted)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$63,487</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$30,559</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$31,650</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$28,967</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$32,365</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of expenses to
      average net assets applicable to common shares<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.99%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.65%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.63%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.06%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1.16%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Ratio of net investment income to
      average net assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      applicable to common shares<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>3.99%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.64%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.48%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5.63%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6.54%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ratio of net
      investment income to average net assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to
      common shares net of dividends to preferred shares<SUP>3</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.96%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.64%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.48%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.25%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.22%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Portfolio turnover</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>101%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>50%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>69%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>36%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>17%</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Leverage analysis:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Value of preferred shares outstanding
      (000 omitted)<SUP>4</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$30,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$20,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net asset coverage
      per share of preferred shares, end of period<SUP>4</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$311,625</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$130,914</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Liquidation value per share of preferred
      shares<SUP>4,5</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>$50,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR></TABLE><BR>

<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left><FONT face="Times New Roman" size=1><SUP>1</SUP> Total investment return is
calculated assuming a purchase of common stock on the opening of the first day
and a sale on the closing of the last day of each period reported. Dividends and
distributions, if any, are assumed for the purposes of this calculation to be
reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan.
Generally, total investment return based on net asset value will be higher than
total investment return based on market value in periods where there is an
increase in the discount or a decrease in the premium of the market value to the
net asset value from the beginning to the end of such periods. Conversely, total
investment return based on net asset value will be lower than total investment
return based on market value in periods where there is a decrease in the
discount or an increase in the premium of the market value to the net asset
value from the beginning to the end of such periods.<BR></FONT>

</DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left>
<FONT face="Times New Roman" size=1><SUP>2</SUP> Ratios do not reflect the effect of dividend payments to
preferred shareholders, if applicable.<BR></FONT>


</DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left>
<FONT face="Times New Roman" size=1><SUP>3</SUP> Ratio reflects total net investment income less dividends
paid to preferred shareholders, if applicable, divided by average net assets
applicable to common shareholders. <BR></font>


</DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left>
<FONT face="Times New Roman" size=1><SUP>4</SUP> In 2008, the Fund redeemed
all of its preferred shares then outstanding at par plus accumulated dividends
amounting to $20,019,516. In March 2012, the Fund issued a new series of 300
variable rate preferred shares, with a liquidation preference of $100,000 per
share.<BR></FONT>

</DIV>
<DIV style="PADDING-LEFT: 6pt; WIDTH: 100%; TEXT-INDENT: -6pt" align=left>

<FONT face="Times New Roman" size=1><SUP>5</SUP> Excluding any accumulated
but unpaid dividends. </FONT></div>
<P align=left><FONT face="Times New Roman" size=1>See accompanying notes, which are an
integral part of the financial statements.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Notes to financial statements</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds <BR></FONT></B><FONT face="Times New Roman" size=2>March 31,
2012</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Delaware Investments Colorado Municipal
Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota
Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are organized as
Minnesota corporations and Delaware Investments National Municipal Income Fund
(National Municipal Fund) is organized as a Massachusetts business trust (each
referred to as a Fund and collectively as the Funds). Colorado Municipal Fund,
Minnesota Municipal Fund II and National Municipal Fund are considered
diversified closed-end management investment companies under the Investment
Company Act of 1940, as amended. The Funds&#146; shares trade on the NYSE Amex
Equities, the successor to the American Stock Exchange.</FONT></P>

<P align=left><FONT face="Times New Roman" size=1>The investment objective
of each Fund is to provide current income exempt from federal income tax and
from state personal income tax, if any, consistent with the preservation of
capital. Each of Colorado Municipal Fund and Minnesota Municipal Fund II seek to
achieve its investment objective by investing substantially all of its net
assets in investment grade, tax-exempt municipal obligations of its respective
state at the time of investment. The National Municipal Fund seeks to achieve
its investment objective by investing at least 80% of its net assets in
securities the income from which is exempt from federal income tax.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>1. Significant Accounting
Policies<BR></FONT></B><FONT face="Times New Roman" size=1>The following accounting policies
are in accordance with U.S. generally accepted accounting principles (U.S. GAAP)
and are consistently followed by the Funds.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Security Valuation &#151;</FONT></B><FONT face="Times New Roman" size=1> Debt securities are valued based upon valuations provided by
an independent pricing service or broker and reviewed by management. 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. Valuations for fixed income securities
utilize matrix systems, which reflect such factors as security prices, yields,
maturities, and ratings, and are supplemented by dealer and exchange quotations.
Short-term debt securities are valued at market value. Generally, other
securities and assets for which market quotations are not readily available are
valued at fair value as determined in good faith under the direction of each
Fund&#146;s Board of Directors/Trustees (each a Board, and collectively, the Boards).
In determining whether market quotations are readily available or fair valuation
will be used, various factors will be taken into consideration, such as market
closures or suspension of trading in a security.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Federal Income Taxes &#151;</FONT></B><FONT face="Times New Roman" size=1> No provision for federal income taxes has been made as each
Fund intends to continue to qualify for federal income tax purposes as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended, and make the requisite distributions to shareholders. The
Funds evaluate tax positions taken or expected to be taken in the course of
preparing the Funds&#146; tax returns to determine whether the tax positions are
&#147;more-likely-than-not&#148; of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold are recorded as
a tax benefit or expense in the current year. Management has analyzed the Funds&#146;
tax positions taken on federal income tax returns for all open tax years (March
31, 2009 &#150; March 31, 2012), and has concluded that no provision for federal
income tax is required in the Funds&#146; financial statements.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Interest and Related Expenses
&#151;</FONT></B><FONT face="Times New Roman" size=1> Interest and related expenses include, but
are not limited to, interest expense, remarketing fees, liquidity fees, and
trustees&#146; fees from the Funds&#146; participation in inverse floater programs where a
Fund has transferred its own bonds to a trust that issues floating rate
securities with an aggregate principal amount equal to the principal of the
transferred bonds. In conveyance of the bond, the Funds receive the inverse
floating rate securities and cash from the trust. As a result of certain rights
retained by the Funds, the transfer of the bond is not considered a sale, but
rather a form of financing for accounting purposes whereby the cash received is
recorded as a liability and interest expense is recorded based on the interest
rate of the floating rate securities. Remarketing fees, liquidity fees, and
trustees&#146; expenses are recorded on the accrual basis. There were no interest and
related expenses for the year ended March 31, 2012.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Use of Estimates &#151;</FONT></B><FONT face="Times New Roman" size=1> The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the
fair value of investments, 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></P>
<P align=left><B><FONT face="Times New Roman" size=1>Other &#151;</FONT></B><FONT face="Times New Roman" size=1> Expenses directly attributable to a Fund are charged directly to that
Fund. Other expenses common to various funds within the Delaware
Investments<SUP>&#174;</SUP> 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 using the effective interest
method. Each Fund declares and pays dividends from net investment income monthly
and distributions from net realized gain on investments, if any, annually. Each
Fund may distribute income dividends and capital gains more frequently, if
necessary for tax purposes. Dividends and distributions, if any, are recorded on
ex-dividend date.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds may receive earnings credits
from their custodian when positive cash balances are maintained, which are used
to offset custody fees. There were no earnings credits for the year ended March
31, 2012.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds may receive earnings credits
from their transfer agent when positive cash balances are maintained, which are
used to offset transfer agent fees. There were no earnings credits for the year
ended March 31, 2012.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>2. Investment Management,
Administration Agreements and Other Transactions with Affiliates</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>In accordance with the terms of its
respective investment management agreement, each Fund pays Delaware Management
Company (DMC), a series of Delaware Management Business Trust and the investment
manager, an annual fee of 0.40% which is calculated daily based on the adjusted
average daily net assets of each Fund.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Delaware Service Company, Inc. (DSC), an
affiliate of DMC, provides fund accounting and financial administration
oversight services to the Funds. For these services, the Funds pay DSC fees
based on the aggregate daily net assets of the Delaware Investments<SUP>&#174;</SUP>
Family of Funds at the following annual rate: 0.0050% of the first $30 billion;
0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of
aggregate average daily net assets in excess of $50 billion. The fees payable to
DSC under the service agreement described above are allocated among all Funds in
the Delaware Investments Family of Funds on a relative net asset value basis.
For the year ended March 31, 2012, the Funds were charged as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3,974</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9,596</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2,965</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=1>At March 31,
2012, each Fund had liabilities payable to affiliates as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=2><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment management
      fees payable to DMC</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34,859</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83,702</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27,071</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Accounting administration and other
      expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payable to
      DSC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=1>427</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=1>1,024</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=1>331</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Other expenses
      payable to DMC and affiliates*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>536</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,258</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>49,067</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<DIV style="PADDING-LEFT: 4pt; WIDTH: 100%; TEXT-INDENT: -4pt" align=left><FONT face="Times New Roman" size=1>*DMC, as part of its administrative services, pays operating
expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses
include items such as printing of shareholder reports, fees for audit, legal and
tax services, registration fees and directors/trustees&#146; fees.</FONT></DIV>
<P align=left><FONT face="Times New Roman" size=1>As provided in the investment management
agreement, each Fund bears the cost of certain legal and tax services, including
internal legal and tax services provided to each Fund by DMC and/or its
affiliates&#146; employees. For the year ended March 31, 2012, each Fund was charged
for internal legal and tax services provided by DMC and/or its affiliates&#146;
employees as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%"><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="79%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29,513&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71,141&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23,084&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>Directors&#146;/Trustees&#146; fees include expenses
accrued by the Funds for each Director&#146;s/Trustee&#146;s retainer and meeting fees.
Certain officers of DMC and DSC are officers and/or Directors/Trustees of the
Trust. These officers and Directors/Trustees are paid no compensation by the
Funds.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>3. Investments</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>For the year ended March 31, 2012, the
Funds made purchases and sales of investment securities other than short-term
investments as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Purchases</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$75,337,832</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$147,865,652</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$58,603,794</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=1>Sales</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>43,564,848</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>71,272,567</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>56,419,828</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>At March 31, 2012, the cost of investments
and unrealized appreciation (depreciation) for federal income tax purposes for
each Fund were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cost of
      investments</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; &nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96,030,992</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>232,186,511</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>95,470,793</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=1>Aggregate unrealized
    appreciation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,921,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>12,841,887</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,307,922</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Aggregate unrealized
      depreciation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(291,664</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(185,438</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(66,514</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=1>Net unrealized appreciation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,629,336</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>12,656,449</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,241,408</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)
</FONT></I><FONT color=#808080>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6 color=#b2b2b2>Notes to financial statements</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2 color=#b2b2b2>Delaware Investments Closed-End
Municipal Bond Funds </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2>3. Investments
(continued)</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>U.S. GAAP defines fair value as the price
that the Funds would receive to sell an asset or pay to transfer a liability in
an orderly transaction between market participants at the measurement date under
current market conditions. A three level hierarchy for fair value measurements
has been established based upon the transparency of inputs to the valuation of
an asset or liability. Inputs may be observable or unobservable and refer
broadly to the assumptions that market participants would use in pricing the
asset or liability. Observable inputs reflect the assumptions market
participants would use in pricing the asset or liability based on market data
obtained from sources independent of the reporting entity. Unobservable inputs
reflect the reporting entity&#146;s own assumptions about the assumptions that market
participants would use in pricing the asset or liability developed based on the
best information available under the circumstances. Each Fund&#146;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></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><FONT style="FONT-FAMILY: times new roman" size=1>Level 1
      &#150;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap width="98%">
      <DIV align=left><FONT style="FONT-FAMILY: times new roman" size=1>inputs
      are quoted prices in active markets for identical investments (e.g.,
      equity securities, open-end investment companies, futures contracts,
      options contracts)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT style="FONT-FAMILY: times new roman" size=1>Level 2
      &#150;&nbsp; </FONT></TD>
    <TD vAlign=top width="98%">
      <DIV align=left><FONT style="FONT-FAMILY: times new roman" size=1>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, broker-quoted
      securities, fair valued securities)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT style="FONT-FAMILY: times new roman" size=1>Level 3
      &#150;&nbsp; </FONT></TD>
    <TD vAlign=top width="98%"><FONT style="FONT-FAMILY: times new roman" size=1>inputs
      are significant unobservable inputs (including the Fund&#146;s own
      assumptions used to determine the fair value of investments) (e.g.,
      broker-quoted securities, fair valued securities) The following table
      summarizes the valuation of each Fund&#146;s investments by fair
      value hierarchy levels as of March 31,
2012:</FONT></TD></TR></TABLE><br>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="text-align: center" noWrap width="8%" colSpan=4><FONT face="Times New Roman" size=1 style="BORDER-BOTTOM: #000000 1pt solid">Colorado Municipal Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=4><FONT face="Times New Roman" size=1>Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal
    Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100,660,328</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="97%" colSpan=5>&nbsp;</TD>
    <TD width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="text-align: center" noWrap width="8%" colSpan=4><FONT face="Times New Roman" size=1 style="BORDER-BOTTOM: #000000 1pt solid">Minnesota Municipal Fund
II</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=4><FONT face="Times New Roman" size=1>Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal
    Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>244,842,960</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD width="97%" colSpan=5>&nbsp;</TD>
    <TD width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="text-align: center" noWrap width="8%" colSpan=4><FONT face="Times New Roman" size=1 style="BORDER-BOTTOM: #000000 1pt solid">National Municipal Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=4><FONT face="Times New Roman" size=1>Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal
    Bonds</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>76,512,201</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=1>Short-Term Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>23,200,000</FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>99,712,201</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>There were no unobservable inputs used to
value investments at the beginning or end of the year.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>During the year ended March 31, 2012,
there were no transfers between Level 1 investments, Level 2 investments or
Level 3 investments that had a material impact to the Funds. The Funds&#146; policy
is to recognize transfers between levels at the end of the reporting
period.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>In May 2011, the Financial Accounting
Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value
Measurements and Disclosures. ASU No. 2011-04 requires reporting entities to
disclose i) the amounts of any transfers between Level 1 and Level 2, and the
reasons for the transfers, ii) for Level 3 fair value measurements, iii)
quantitative information about significant unobservable inputs used, iv) a
description of the valuation processes used by the reporting entity and v) a
narrative description of the sensitivity of the fair value measurement to
changes in unobservable inputs if a change in those inputs might result in a
significantly higher or lower fair value measurement. The effective date of ASU
No. 2011-04 is for interim and annual periods beginning after December 15, 2011.
Management is currently evaluating the implications of this guidance and the
impact it will have on the financial statement amounts and footnote disclosures,
if any. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>4. Dividend and Distribution
Information</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>Income and long-term capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from U.S. GAAP. Additionally, distributions from net short-term
gains on sales of investment securities are treated as ordinary income for
federal income tax purposes. The tax character of dividends and distributions
paid during the years ended March 31, 2012 and 2011 was as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=4><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=4><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=4><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Year Ended
      3/31/12</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=4></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>Ordinary income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>959</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>533</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>8,868</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Tax-exempt income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,804,559</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6,672,353</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,286,347</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>Total</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,805,518</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6,672,886</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,295,215</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=15>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Year Ended
      3/31/11</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>Ordinary income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&nbsp;&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>395</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>24,594</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Tax-exempt income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,757,147</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6,557,441</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,253,117</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>Total</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,757,147</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>6,557,836</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,277,711</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>5. Components of Net Assets on a Tax
Basis</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>As of March 31, 2012, the components of
net assets on a tax basis were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=5><FONT size=1 face="Times New Roman">Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%" colSpan=5><FONT size=1 face="Times New Roman">Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=5><FONT size=1 face="Times New Roman">National</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=5><FONT size=1 face="Times New Roman">Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%" colSpan=5><FONT size=1 face="Times New Roman">Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=5><FONT size=1 face="Times New Roman">Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=5><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="7%" colSpan=5><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=5><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Shares of beneficial interest</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>66,918,121</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>157,931,075</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>60,617,476</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Undistributed long-term capital gains</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>467,717</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Other temporary differences</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(312,411</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(747,230</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(222,586</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Undistributed tax-exempt income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>910,626</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,251,435</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>599,018</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Capital loss carryforwards</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(257,166</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1,747,836</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Unrealized appreciation</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,629,336</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>12,656,449</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,241,408</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>72,613,389</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>171,834,563</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>63,487,480</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>The differences between book basis and tax
basis components of net assets are primarily attributable to tax treatment of
market discount on debt instruments.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>For financial reporting purposes, capital
accounts are adjusted to reflect the tax character of permanent book/tax
differences. Reclassifications are primarily due to tax treatment of market
discount on debt instruments. Results of operations and net assets were not
affected by these reclassifications. For the year ended March 31, 2012, the
Funds recorded the following reclassifications.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Undistributed net
      investment income (loss)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(3,827</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(23,258</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,821</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=1>Accumulated net realized gain
      (loss)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,827</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>23,258</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>8,024</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Paid-in
    capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(10,845</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>For federal income tax purposes, capital
loss carryforwards may be carried forward and applied against future capital
gains. $509,083, $1,702,149, and $746,781 was utilized in 2012 for Colorado
Municipal Fund, Minnesota Municipal Fund II and National Municipal Fund,
respectively. Capital loss carryforwards remaining at March 31, 2012 will expire
as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>National</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><FONT face="Times New Roman" size=1>Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT face="Times New Roman" size=1>Year of Expiration</FONT></TD>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%" colSpan=3><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><FONT face="Times New Roman" size=1>Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%" colSpan=4><FONT face="Times New Roman" size=1>Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>2017</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>888,041</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=1>2018</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>257,166</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>859,795</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Total</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>257,166</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,747,836</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)
</FONT></I><FONT color=#808080>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" color=#b2b2b2 size=6>Notes to financial
statements</FONT></P>
<P align=left><B><FONT face="Times New Roman" color=#b2b2b2 size=2>Delaware Investments
Closed-End Municipal Bond Funds </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2>5. Components of Net Assets on a Tax
Basis (continued)</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>On December 22, 2010, the Regulated
Investment Company Modernization Act of 2010 (the Act) was enacted, which
changed various technical rules governing the tax treatment of regulated
investment companies. The changes are generally effective for taxable years
beginning after the date of enactment. Under the Act, the Fund will be permitted
to carry forward capital losses incurred in taxable years beginning after the
date of enactment for an unlimited period. However, any losses incurred during
those future taxable years will be required to be utilized prior to the losses
incurred in pre-enactment taxable years, which carry an expiration date. As a
result of this ordering rule, pre-enactment capital loss carryforwards may be
more likely to expire unused. Additionally, post-enactment capital loss
carryforwards will retain their character as either short-term or long-term
capital losses rather than being considered all short-term as permitted under
previous regulation.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>6. Capital Stock</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>Pursuant to their articles of
incorporation, Colorado Municipal Fund and Minnesota Municipal Fund II each have
200 million shares of $0.01 par value common shares authorized. National
Municipal Fund has been authorized to issue an unlimited amount of $0.01 par
value common shares. The Funds did not repurchase any shares under the Share
Repurchase Program during the year ended March 31, 2012. Shares issuable under
the Funds&#146; dividend reinvestment plan are purchased by the Funds&#146; transfer
agent, Computershare Shareowner Services LLC (Computershare), in the open
market. </FONT></P>
<P align=left><FONT face="Times New Roman" size=1>On February 18, 2011, the National
Municipal Fund&#146;s Board approved a tender offer for shares of the Arizona
Municipal Fund&#146;s common stock. The tender offer authorized the National
Municipal Fund to purchase for cash up to 18% of the then-outstanding shares of
the Arizona Municipal Fund&#146;s common stock after the reorganization (Common
Stock) at a per share price equal to 99% of the net asset value per share of the
Common Stock at the expiration of the tender offer. </FONT></P>
<P align=left><FONT face="Times New Roman" size=1>In connection with the tender offer, the
National Municipal Fund purchased 994,051 shares of capital stock at a total
cost of approximately $13,240,759. The tender offer was oversubscribed and all
tenders of shares were subject to pro-ration (at a ratio of approximately
0.58504231) in accordance with the terms of its tender offer.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>On November 15, 2011, Delaware Investments
Colorado Municipal Income Fund, Inc. (VCF) and Delaware Investments Minnesota
Municipal Income Fund II, Inc. (VMM), issued $30,000,000 and $75,000,000,
respectively, of Series 2016 Variable Rate MuniFund Term Preferred (VMTP)
Shares, with $100,000 liquidation value per share in a privately negotiated
offering. On March 15, 2012, Delaware Investments National Municipal Income Fund
(VFL) issued $30,000,000 Series 2017 VMTP Shares, with $100,000 liquidation
value per share in a privately negotiated offering. Proceeds from the issuance
of VMTP Shares, net of offering expenses, were invested in accordance with each
fund&#146;s investment objective. The VMTP Shares were offered to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Colorado Municipal Fund and Minnesota
Municipal Fund II are obligated to redeem their VMTP Shares on December 1, 2016,
unless earlier redeemed or repurchased by the Fund. National Municipal Fund is
obligated to redeem its VMTP Shares on April 1, 2017, unless earlier redeemed or
repurchased by the Fund. VMTP Shares are subject to optional and mandatory
redemption in certain circumstances. The VMTP Shares may be redeemed at the
option of a Fund, subject to payment of a premium until December 1, 2013 (with
respect to VMM and VCF) and April 1, 2014 (with respect to VFL), and at par
thereafter. A Fund may be obligated to redeem certain of the VMTP Shares if the
Fund fails to maintain certain asset coverage and leverage ratio requirements
and such failures are not cured by the applicable cure date. The redemption
price per share is equal to the sum of the liquidation value per share plus any
accumulated but unpaid dividends. Dividends on the VMTP Shares (which are
treated as interest payments for financial reporting purposes) are set
weekly.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds use leverage because their
managers believe that, over time, leveraging may provide opportunities for
additional income and total return for common shareholders. However, the use of
leverage also can expose common shareholders to additional volatility. For
example, as the prices of securities held by a fund decline, the negative impact
of these valuation changes on common share net asset value and common
shareholder total return is magnified by the use of leverage; accordingly, the
use of structural leverage may hurt a fund&#146;s overall performance.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Leverage may also cause the Funds to incur
certain costs. In the event that a Fund is unable to meet certain criteria
(including, but not limited to, maintaining certain ratings with Fitch Ratings
and Moody&#146;s Investor Service, funding dividend payments or funding redemptions),
that Fund will pay additional fees with respect to the leverage.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>7. Fund Merger</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>On June 20, 2011, the National Municipal
Fund acquired all of the assets of the Delaware Investments Arizona Municipal
Fund, Inc. (Acquired Fund), a closed-end investment company, in exchange for the
shares of the National Municipal Fund (Acquiring Fund) pursuant to a Plan and
Agreement of Reorganization (Reorganization). The shareholders of the Acquired
Fund received shares of the Acquiring Fund equal to the aggregate net asset
value of their share in the Acquired Fund prior to the Reorganization, as shown
in the following table:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face="Times New Roman" size=1>Acquiring</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face="Times New Roman" size=1>Acquired</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face="Times New Roman" size=1>Fund</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%"><FONT face="Times New Roman" size=1>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common
Stock</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,422,200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,100,925&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40,715,147&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=left><FONT face="Times New Roman" size=1>The Reorganization was treated as a
non-taxable event and, accordingly, the Acquired Fund&#146;s basis in securities
acquired reflected historical cost basis as of the date of transfer. The net
assets and net unrealized appreciation of the Acquired Fund as of the close of
business on June 17, 2011, were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>40,715,147</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Net unrealized appreciation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>65,229</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>The net assets of the Acquiring Fund
before the acquisition were $31,792,649. The net assets of the Acquiring Fund
immediately following the acquisition were $72,507,796.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Assuming that the acquisition had been
completed on April 1, 2011, the beginning of the Acquiring Fund&#146;s reporting
period, the Acquiring Fund&#146;s pro forma results of operations for the year ended
March 31, 2012, are as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net investment
      income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,611,659</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Net realized gain on
    investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>909,699</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Change in unrealized
      appreciation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,974,605</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=1>Net increase in net assets resulting
      from operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>9,477,059</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>Because the combined investment portfolios
have been managed as a single integrated portfolio since the acquisition was
completed, it is not practicable to separate the amounts of revenue and earnings
of the Acquired Fund that have been included in the National Municipal Fund&#146;s
statement of operations since June 20, 2011.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>8. Derivatives</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>U.S. GAAP requires disclosures that enable
investors to understand: 1) how and why an entity uses derivatives; 2) how they
are accounted for; and 3) how they affect an entity&#146;s results of operations and
financial position.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>Inverse Floaters &#151;</FONT></B><FONT face="Times New Roman" size=1> Each Fund may participate in inverse floater programs where a
fund transfers its own bonds to a trust that issues floating rate securities and
inverse floating rate securities (inverse floaters) with an aggregate principal
amount equal to the principal of the transferred bonds. The inverse floaters
received by the Funds are derivative tax-exempt obligations with floating or
variable interest rates that move in the opposite direction of short-term
interest rates, usually at an accelerated speed. Consequently, the market values
of the inverse floaters will generally be more volatile than other tax-exempt
investments. The Funds typically use inverse floaters to adjust the duration of
their portfolio. Duration measures a portfolio&#146;s sensitivity to changes in
interest rates. By holding inverse floaters with a different duration than the
underlying bonds that a Fund transferred to the trust, the Fund seeks to adjust
its portfolio&#146;s sensitivity to changes in interest rates. The Funds may also
invest in inverse floaters to add additional income to the Funds or to adjust
the Funds&#146; exposure to a specific segment of the yield curve. At March 31, 2012,
and during the year then ended, the Funds held no investments in inverse
floaters.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>9. Credit and Market
Risk</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds concentrate their investments in
securities issued by municipalities. The value of these investments may be
adversely affected by new legislation within the states, regional or local and
national economic conditions, as applicable and differing levels of supply and
demand for municipal bonds. Many municipalities insure repayment for their
obligations. Although bond insurance may reduce the risk of loss due to default
by an issuer, such bonds remain subject to the risk that market value may
fluctuate for other reasons and there is no assurance that the insurance company
will meet its obligations. A real or perceived decline in creditworthiness of a
bond insurer can have an adverse impact on the value of insured bonds held in
each Fund. At March 31, 2012, the percentages of each Fund&#146;s net assets insured
by insurers are listed below and these securities have been identified in the
statements of net assets. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Municipal
      Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>42</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Minnesota Municipal Fund II</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>16</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National Municipal
      Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=1>The Funds invest a portion of their assets
in high yield fixed income securities, which are securities rated BB or lower by
Standard &amp; Poor&#146;s (S&amp;P) and/or Ba or lower by Moody&#146;s Investors Service,
Inc. (Moody&#146;s), or similarly rated by another nationally recognized statistical
rating organization. Investments in these higher yielding securities are
generally accompanied by a greater degree of credit risk than higher rated
securities. Additionally, lower rated securities may be more susceptible to
adverse economic and competitive industry conditions than investment grade
securities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds may invest in advanced refunded
bonds, escrow secured bonds or defeased bonds. Under current federal tax laws
and regulations, state and local government borrowers are permitted to refinance
outstanding bonds by issuing new bonds. The issuer refinances the outstanding
debt to either reduce interest costs or to remove or alter restrictive covenants
imposed by the bonds being refinanced. A refunding transaction where the
municipal securities are being refunded within 90 days from the issuance of the
refunding issue is known as a &#147;current refunding.&#148; &#147;Advance refunded bonds&#148; 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 </FONT></P>
<P align=right><I><FONT face="Times New Roman" size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6 color=#b2b2b2>Notes to financial
statements</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2 color=#b2b2b2>Delaware Investments Closed-End
Municipal Bond Funds </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>9. Credit and Market Risk (continued)</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>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 &#147;escrowed to maturity&#148; 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></P>
<P align=left><FONT face="Times New Roman" size=1>Bonds are considered &#147;pre-refunded&#148; when
the refunding issue&#146;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 &#147;defeased&#148; 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&#146;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></P>
<P align=left><FONT face="Times New Roman" size=1>Each Fund may invest up to 15% of its net
assets in illiquid securities, which may include securities with contractual
restrictions on resale, securities exempt from registration under Rule 144A of
the Securities Act of 1933, as amended, and other securities which may not be
readily marketable. The relative illiquidity of these securities may impair each
Fund from disposing of them in a timely manner and at a fair price when it is
necessary or desirable to do so. While maintaining oversight, each Fund&#146;s Board
has delegated to DMC the day-to-day functions of determining whether individual
securities are liquid for purposes of each Fund&#146;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 Funds&#146; 15% limit on
investments in illiquid securities. As of March 31, 2012, no securities have
been determined to be illiquid under the Funds&#146; Liquidity Procedures. Rule 144A
securities have been identified on the statement of net assets.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>10. Contractual
Obligations</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>The Funds enter into contracts in the
normal course of business that contain a variety of indemnifications. The Funds&#146;
maximum exposure under these arrangements is unknown. However, the Funds have
not had prior claims or losses pursuant to these contracts. Management has
reviewed each Fund&#146;s existing contracts and expects the risk of loss to be
remote.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>11. Investments in Municipal Securities
Issued by the State of Arizona</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>On May 23, 2011, shareholders of the
National Municipal 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 National Municipal Fund, which was structured as a
tax-free transaction. This acquisition was completed after the close of business
on June 17, 2011. As of March 31, 2012, municipal bonds issued by the state of
Arizona constitute approximately 16% of the Fund&#146;s portfolio. These investments
could make the National Municipal Fund more sensitive to economic conditions in
Arizona than other more geographically diversified national municipal income
funds.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>12. Subsequent Events</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>Management has determined that no other
material events or transactions occurred subsequent to March 31, 2012 that would
require recognition or disclosure in the Funds&#146; financial statements.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>13. Tax Information
(Unaudited)</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>The information set forth below is for
each Fund&#146;s fiscal year as required by federal income tax laws. Shareholders,
however, must report distributions on a calendar year basis for income tax
purposes, which may include distributions for portions of two fiscal years of a
fund. Accordingly, the information needed by shareholders for income tax
purposes will be sent to them in January of each year. Please consult your tax
advisor for proper treatment of this information.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>For the fiscal year ended March 31, 2012,
each Fund designates distributions paid during the year as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>(A)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>(B)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Ordinary</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Tax-Exempt</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Income</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Distributions</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Distributions</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><FONT face="Times New Roman" size=1>Distributions</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%" colSpan=3><FONT face="Times New Roman" size=1>(Tax Basis)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%" colSpan=3><FONT face="Times New Roman" size=1>(Tax Basis)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%" colSpan=3><FONT face="Times New Roman" size=1>(Tax Basis)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado Municipal
      Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.03%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>99.97%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>Minnesota Municipal Fund II</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>0.01%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>99.99%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National Municipal
      Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>0.39%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>99.61%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=1>(A) and (B) are based on a percentage of
each Fund&#146;s total distributions.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Report of independent<BR>registered public
accounting firm</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>To the Board of Directors and the
Shareholders of<BR>Delaware Investments Colorado Municipal Income Fund,
Inc.,<BR>Delaware Investments Minnesota Municipal Income Fund II, Inc.
and<BR>Delaware Investments National Municipal Income Fund: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In our opinion, the accompanying
statements of net assets, statements of assets and liabilities, and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments
Minnesota Municipal Income Fund II, Inc. and Delaware Investments National
Municipal Income Fund (the &#147;Funds&#148;) at March 31, 2012, the results of each of
their operations for the year then ended and the changes in each of their net
assets and the financial highlights for each of the two years in the period then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and financial highlights
(hereafter referred to as &#147;financial statements&#148;) are the responsibility of the
Funds&#146; management; our responsibility is to express an opinion on these
financial statements based on </FONT><FONT face="Times New Roman" size=2>our audits. We
conducted our audits of these financial statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at March 31, 2012 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion. The financial highlights for each of the three years in the period
ended March 31, 2010 were audited by other independent accountants whose report
dated May 19, 2010 expressed an unqualified opinion on those statements.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>PricewaterhouseCoopers LLP</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Philadelphia, Pennsylvania<BR>May 18,
2012</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Other Fund information<BR></FONT><FONT face="Times New Roman" size=5>(Unaudited)</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments Closed-End
Municipal Bond Funds </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Fund management</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Joseph R. Baxter<BR></FONT><FONT face="Times New Roman" size=2>Senior Vice President, Head of Municipal Bond Department,
Senior Portfolio Manager</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Joseph R. Baxter is the head of the
municipal bond department and is responsible for setting the department&#146;s
investment strategy. He is also a co-portfolio manager of the firm&#146;s municipal
bond funds and several client accounts. Before joining Delaware Investments in
1999 as head municipal bond trader, he held investment positions with First
Union, most recently as a municipal portfolio manager with the Evergreen Funds.
Baxter received a bachelor&#146;s degree in finance and marketing from La Salle
University. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Stephen J. Czepiel<BR></FONT><FONT face="Times New Roman" size=2>Senior Vice President, Senior Portfolio Manager</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Stephen J. Czepiel is a member of the
firm&#146;s municipal fixed income portfolio management team with primary
responsibility for portfolio construction and strategic asset allocation. He is
a co-portfolio manager of the firm&#146;s municipal bond funds and client accounts.
He joined Delaware Investments in July 2004 as a senior bond trader. Previously,
he was vice president at both Mesirow Financial and Loop Capital Markets. He
began his career in the securities industry in 1982 as a municipal bond trader
at Kidder Peabody and now has more than 20 years of experience in the municipal
securities industry. Czepiel earned his bachelor&#146;s degree in finance and
economics from Duquesne University. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Denise A. Franchetti, CFA<BR></FONT><FONT face="Times New Roman" size=2>Vice President, Portfolio Manager, Senior Research
Analyst</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Denise A. Franchetti is a senior research
analyst for the municipal bond department. Currently, she is responsible for
following the airports/airlines, education, hotels, leases, turnpike/ toll, and
transportation sectors for the group. In 2003, she was also named as portfolio
manager on several of the tax-exempt funds in addition to her research duties.
Prior to joining Delaware Investments in 1997 as a municipal bond analyst, she
was a fixed income trader at Provident Mutual Life Insurance and an investment
analyst at General Accident Insurance. Franchetti received her bachelor&#146;s degree
and an MBA from La Salle University, and she is a member of the CFA Society of
Philadelphia.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Gregory A. Gizzi<BR></FONT><FONT face="Times New Roman" size=2>Vice President, Portfolio Manager, Head of Convertible Bond
and Municipal Bond Trading</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Gregory A. Gizzi is a member of the firm&#146;s
municipal fixed income portfolio management team and municipal trading team, and
head of the municipal bond trading staff. Additionally, Gizzi serves as
portfolio manager and head of the convertible bond trading staff. Before joining
Delaware Investments in January 2008 as head of municipal bond trading, he spent
six years as a vice president at Lehman Brothers for the firm&#146;s tax-exempt
institutional sales effort. Prior to that, he spent two years trading corporate
bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more
than 20 years of trading experience in the municipal securities industry,
beginning at Kidder Peabody in 1984, where he started as a municipal bond trader
and worked his way up to institutional block trading desk manager. He later
served in the same capacity at Dillon Read. Gizzi earned his bachelor&#146;s degree
in economics from Harvard University.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Proxy Results</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>At the Annual Meeting on August 17, 2011,
the Funds&#146; Shareholders elected nine directors/trustees. The results of the
voting at the meeting were as follows:</font></P>
<P align=left><FONT face="Times New Roman" size=1>Delaware Investments Colorado Municipal
Income Fund, Inc.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares With</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Authority</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted For</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Withheld</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
      Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,323,578.188</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>89.384%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>97.247%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>122,425.620</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.530%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.753%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,333,881.756</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>89.597%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>97.479%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>112,122.052</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.317%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.521%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,333,881.756</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>89.597%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>97.479%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>112,122.052</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.317%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.521%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,287,557.188</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>88.639%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.437%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>158,446.620</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.275%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.563%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,320,576.112</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>89.321%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>97.179%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>125,427.696</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.593%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.821%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Ann R. Leven</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,309,622.544</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>89.095%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.933%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>136,381.264</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.819%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.067%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas F.
      Madison</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,282,455.112</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>88.533%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.322%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>163,548.696</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.381%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.678%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,319,342.112</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>89.296%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>97.152%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>126,661.696</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.618%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.848%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard
      Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,309,622.544</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>89.095%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.933%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>136,381.264</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.819%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.067%</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" colSpan=3><FONT face="Times New Roman" size=1>Delaware Investments
      Minnesota Municipal Income Fund II, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="90%" colSpan=3>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares With</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Authority</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted For</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Withheld</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
      Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,050,811.915</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>87.361%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.708%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>342,238.303</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.974%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.292%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>10,021,438.316</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>87.105%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.425%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>371,611.902</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.230%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.575%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,036,585.674</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>87.237%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.571%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>356,464.544</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.098%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.429%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>10,025,316.779</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>87.139%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.462%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>367,733.439</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.196%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.538%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,057,858.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>87.422%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.775%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>335,192.059</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2.913%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.225%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Ann R. Leven</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>10,050,185.349</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>87.355%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.702%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>342,864.869</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.980%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.298%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas F.
      Madison</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,026,580.742</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>87.150%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.474%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>366,469.476</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.185%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.526%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>10,062,691.269</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>87.464%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>96.822%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>330,358.949</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>2.871%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3.178%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard
      Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,039,482.239</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>87.262%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>96.599%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>353,567.979</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.073%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.401%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="88%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Delaware Investments National Municipal
      Income Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="88%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares With</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>% Of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Authority</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Outstanding</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted For</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Withheld</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=1>Voted</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
      Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,281,855.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>77.535%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>83.994%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>815,980.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14.775%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16.006%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,282,401.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>77.545%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>84.005%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>815,434.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>14.765%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>15.995%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,284,077.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>77.575%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>84.038%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>813,758.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14.735%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>15.962%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,283,077.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>77.557%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>84.018%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>814,758.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>14.753%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>15.982%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,276,618.406</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>77.440%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>83.891%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>821,217.431</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14.870%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16.109%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Ann R. Leven</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,277,840.406</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>77.462%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>83.915%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>819,995.431</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>14.848%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>16.085%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas F.
      Madison</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,283,077.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>77.557%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>84.018%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>814,758.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14.753%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>15.982%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>4,282,797.159</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>77.552%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>84.013%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>815,038.678</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>14.758%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>15.987%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard
      Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,276,782.406</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>77.443%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>83.895%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>821,053.431</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14.867%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16.105%</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6 color=#b2b2b2>Other Fund information<BR></FONT><FONT face="Times New Roman" size=5 color=#b2b2b2>(Unaudited)</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2 color=#b2b2b2>Delaware Investments Closed-End
Municipal Bond Funds </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Dividend Reinvestment
Plan</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>Each Fund offers an automatic dividend
reinvestment program (&#147;Plan&#148;). Under the current policies of Minnesota Municipal
Income Fund and National Municipal Income Fund all distributions of net
investment income and capital gains to common shareholders are automatically
reinvested in additional shares unless shareholders elect to receive all
dividends and other distributions in cash paid by check mailed directly to
shareholders by the dividend plan agent. Under the current policies of Colorado Municipal
Income Fund, distributions of net investment income and capital gains to common
shareholders will be paid in cash unless shareholders notify Computershare
Shareowner Services LLC (formerly BNY Mellon Investor Services, Inc.)
(&#147;Computershare&#148;) of their desire to participate in the dividend reinvestment
program. Shareholders who hold their shares through a bank, broker or other
nominee should request the bank, broker or nominee to participate in the Plan on
their behalf. This can be done as long as the bank, broker or nominee provides a
dividend reinvestment service for the Funds. If the bank, broker or nominee does
not provide this service, such shareholders must have their shares taken out of
&#147;street&#148; or nominee name and re-registered in their own name in order to
participate in the Plan.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Computershare will apply all cash
dividends, capital gains and other distributions (collectively, &#147;Distributions&#148;)
on each Fund&#146;s shares of common stock which become payable to each Plan
participant to the purchase of outstanding shares of each Fund&#146;s common stock
for such participant. These purchases may be made on a securities exchange or in
the over-the-counter market, and may be subject to such terms of price, delivery
and related matters to which Computershare may agree. The Funds will not issue
new shares in connection with the Plan.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Distributions reinvested for participants
are subject to income taxes just as if they had been paid directly to the
shareholder in cash. Participants will receive a year-end statement showing
distributions reinvested, and any brokerage commissions paid on such
participant&#146;s behalf.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Shareholders holding shares of a Fund in
their own names who wish to terminate their participation in the Plan may do so
by sending written instruction to Computershare so that Computershare receives
such instructions at least 10 days prior to the Distribution record date.
Shareholders with shares held in account by a bank, broker or other nominee
should contact such bank, broker or other nominee to determine the procedure for
withdrawal from the Plan.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>If written instructions are not received by
Computershare at least 10 days prior to the record date for a particular
Distribution, that Distribution may be reinvested at the sole discretion of
Computershare. After a shareholder&#146;s instructions to terminate participation in
the Plan become effective, Distributions will be paid to shareholders in cash.
Upon termination, a shareholder may elect to receive either stock or cash for
all the full shares in the account. If cash is elected, Computershare will sell
such shares at the then current market value and then send the net proceeds to
the shareholder, after deducting brokerage commissions and related expenses. Any
fractional shares at the time of termination will be paid in cash at the current
market price, less brokerage commissions and related expenses, if any.
Shareholders may at any time request a full or partial withdrawal of shares from
the Plan, without terminating participation in the Plan. When shares outside of
the Plan are liquidated, Distributions on shares held under the Plan will
continue to be reinvested unless Computershare is notified of the shareholder&#146;s
withdrawal from the Plan.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>An investor holding shares that
participate in the Plan in a brokerage account may not be able to transfer the
shares to another broker and continue to participate in the Plan. Please contact
your broker/dealer for additional details.</FONT></P>
<P align=left><FONT face="Times New Roman" size=1>Computershare will charge participants
their proportional share of brokerage commissions on market purchases.
Participants may obtain a certificate or certificates for all or part of the
full shares credited to their accounts at any time by making a request in
writing to Computershare. A fee may be charged to the participant for each
certificate issuance. </FONT></P>
<P align=left><FONT face="Times New Roman" size=1>If you have any questions and shares are
registered in &#147;street&#148; name, contact the broker/dealer holding the shares or
your financial advisor. If you have any questions and shares are registered in
your name, contact Computershare at 800 851-9677.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Change in Independent Registered Public
Accounting Firm</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>Due to independence matters under the
Securities and Exchange Commission&#146;s auditor independence rules relating to the
January 4, 2010 acquisition of Delaware Investments (including DMC) by Macquarie
Group, Ernst &amp; Young LLP (E&amp;Y) has resigned as the independent
registered public accounting firm for Delaware Investments Colorado Municipal
Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II,
Inc., and Delaware Investments National Municipal Income Fund (the Funds)
effective May 27, 2010. At a meeting held on February 18, 2010, the Board of
Directors/Trustees of the Funds, upon recommendation of the Audit Committee,
selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered
public accounting firm for the Funds for the fiscal year ending March 31, 2011.
During the fiscal years ended March 31, 2010 and 2009, E&amp;Y&#146;s audit reports
on the financial statements of the Funds did not contain any adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principles. In addition, there were no disagreements
between the Funds and E&amp;Y on accounting principles, financial statements
disclosures or audit scope, which, if not resolved to the satisfaction of
E&amp;Y, would have caused them to make reference to the disagreement in their
reports. None of the Funds nor anyone on its behalf has consulted with PwC at
any time prior to their selection with respect to the application of accounting
principles to a specified transaction, either completed or proposed or the type
of audit opinion that might be rendered on the Funds&#146; financial
statements.</FONT></P>
<P align=right><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>Board of trustees/directors<br>and officers
addendum </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Delaware Investments</FONT></B><B><FONT face="Times New Roman" size=2><SUP>&#174;</SUP></FONT></B><B><FONT face="Times New Roman" size=2> Family of
Funds</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>A mutual fund is governed by a Board of
Trustees/Directors (&#147;Trustees&#148;), which has oversight responsibility for the
management of a fund&#146;s business affairs. Trustees establish procedures and
oversee and review the performance of the investment manager, the distributor,
and others who perform services for the fund. The independent fund trustees, in
particular, are advocates for shareholder interests. Each trustee has served in
that capacity since he or she was elected to or appointed to the Board of
Trustees, and will continue to serve until his or her retirement or the election
of a new trustee in his or her place. The following is a list of the Trustees
and Officers with certain background and related information.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Portfolios in Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Name,</FONT></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Complex Overseen</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Directorships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Address,</FONT></TD>
    <TD noWrap style="text-align: center" width="18%"><FONT face="Times New Roman" size=1>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Length of</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Principal Occupation(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>by Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Held by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>and Birth Date</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"><FONT face="Times New Roman" size=1>Held with Fund(s)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%"><FONT face="Times New Roman" size=1>Time Served</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="23%"><FONT face="Times New Roman" size=1>During Past 5 Years</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>or Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="12%"><FONT face="Times New Roman" size=1>Trustee or Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><B><FONT face="Times New Roman" color=#b2b2b2 size=1>Interested Trustees</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Patrick P. Coyne<SUP>1</SUP></b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>April 1963</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Chairman,<BR>President,<BR>Chief
      Executive<BR>Officer, and<BR>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Chairman and Trustee<BR>since August 16,
      2006<BR><BR>President and<BR>Chief Executive Officer<BR>since August 1,
      2006</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Patrick P. Coyne has served in<BR>various executive
      capacities<BR>at different times at<BR>Delaware
      Investments.<SUP>2</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Director and Audit<BR>Committee Member<BR>Kaydon
      Corp.<BR><BR>Board of Governors<BR>Member<BR>Investment
      Company<BR>Institute (ICI)<BR><BR>Finance Committee<BR>Member &#150;<BR>St.
      John Vianney<BR>Roman Catholic Church<BR><BR>Board of Trustees &#150;<BR>Agnes
      Irwin School<BR><BR>Member of Investment<BR>Committee &#150;<BR>Cradle of
      Liberty<BR>Council, BSA<BR>(2007 &#150; 2010)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><B><FONT face="Times New Roman" color=#b2b2b2 size=1>Independent Trustees</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Thomas L. Bennett</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>October 1947</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>March 2005</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Private Investor<BR>(March
      2004&#150;Present)<BR><BR>Investment Manager<BR>Morgan Stanley &amp;
      Co.<BR>(January 1984&#150;March 2004)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Chairman of<BR>Investment Committee<BR>&#150;Pennsylvania
      Academy<BR>of Fine Arts<BR><BR>Investment Committee<BR>and
      Governance<BR>Committee Member&#150;<BR>Pennsylvania<BR>Horticultural
      Society<BR><BR>Director<BR>Bryn Mawr<BR>Bank Corp. (BMTC)<BR>(2007 &#150;
      2011)</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Portfolios in Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Name,</FONT></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Complex Overseen</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Directorships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Address,</FONT></TD>
    <TD noWrap style="text-align: center" width="18%"><FONT face="Times New Roman" size=1>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Length of</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Principal Occupation(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>by Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Held by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>and Birth Date</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"><FONT face="Times New Roman" size=1>Held with Fund(s)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%"><FONT face="Times New Roman" size=1>Time Served</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="23%"><FONT face="Times New Roman" size=1>During Past 5 Years</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>or Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="12%"><FONT face="Times New Roman" size=1>Trustee or Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" colSpan=2><B><FONT face="Times New Roman" color=#b2b2b2 size=1>Independent Trustees
      (continued)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>John A. Fry</b><BR>2005 Market Street<BR>Philadelphia,
      PA<BR>19103<BR><BR>May 1960</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>January 2001</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>President<BR>Drexel University<BR>(August
      2010&#150;Present)<BR><BR>President<BR>Franklin &amp; Marshall College<BR>(July
      2002&#150;Present)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Board of<BR>Governors Member&#150;<BR>NASDAQ OMIX<BR>PHLX
      LLC<BR><BR>Director and Audit<BR>Committee Member &#150;<BR>Community
      Health<BR>Systems<BR><BR>Director &#150; U.S. SQUASH<BR><BR>Director &#150;
      Ecore<BR>International<BR>(2009 &#150; 2010)<BR>&nbsp;<BR>Director &#150;<BR>Allied
      Banton<BR>Securities Holdings<BR>(2005 &#150; 2008)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Anthony D. Knerr</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>December 1938</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>April 1990</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Managing Director<BR>Anthony Knerr &amp;
      Associates<BR>(Strategic Consulting)<BR>(1990&#150;Present)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Lucinda S. Landreth</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>June 1947</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>March 2005</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Chief Investment Officer<BR>Assurant,
      Inc.<BR>(Insurance)<BR>(2002&#150;2004)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Ann R. Leven</b><BR>2005 Market Street<BR>Philadelphia,
      PA<BR>19103<BR><BR>November 1940</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>October 1989</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Consultant<BR>ARL Associates<BR>(Financial
      Planning)<BR>(1983&#150;Present)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Director and Audit<BR>Committee Chair &#150;<BR>Systemax
      Inc.<BR>(2001&#150; 2009)<BR><BR>Director and Audit<BR>Committee
      Chairperson<BR>&#150; Andy Warhol<BR>Foundation<BR>(1999 &#150; 2007)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Frances A. Sevilla-Sacasa</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>January 1956</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>September 2011</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Executive Advisor to Dean<BR>(since August 2011)
      and<BR>Interim Dean<BR>(January 2011&#150;July 2011) &#151;<BR>University of Miami
      School of<BR>Business Administration<BR><BR>President &#151; U.S.
      Trust,<BR>Bank of America Private<BR>Wealth Management<BR>(Private
      Banking)<BR>(July 2007&#150;December 2008)<BR><BR>President and
      Director<BR>(November 2005&#150;June 2007) and<BR>Chief Executive
      Officer<BR>(April 2007&#150;June 2007) &#151;<BR>U.S. Trust Company<BR>(Private
      Banking)</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Trust Manager &#151;<BR>Camden<BR>Property
      Trust<BR>(since August 2011)<BR><BR>Board of Trustees<BR>Thunderbird
      School of<BR>Global Management<BR>(2007&#150;2011)<BR>&nbsp;<BR>Board of
      Trustees<BR>Carrollton School of<BR>the Sacred Heart<BR>(since
      2007)<BR>&nbsp;<BR>Board Member<BR>Foreign Policy<BR>Association<BR>(since
      2006)<BR><BR>Board of
      Trustees<BR>Georgetown<BR>Preparatory<BR>School<BR>(2005&#150;2011)<BR>&nbsp;<BR>Board
      of Governors<BR>Miami City Ballet<BR>(2000&#150;2011)<BR><BR>Board of
      Trustees<BR>St. Thomas
University<BR>(2005&#150;2011)</FONT></TD></TR></TABLE><BR>
<P align=right><I><FONT face="Times New Roman" color=#808080 size=2>(continues)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Number of</FONT></TD>
    <TD noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Portfolios in Fund</FONT></TD>
    <TD noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Name,</FONT></TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Complex Overseen</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Directorships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>Address,</FONT></TD>
    <TD noWrap style="text-align: center" width="18%"><FONT face="Times New Roman" size=1>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Length of</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Principal Occupation(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=1>by Trustee</FONT></TD>
    <TD noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Held by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>and Birth Date</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="18%"><FONT face="Times New Roman" size=1>Held with Fund(s)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%"><FONT face="Times New Roman" size=1>Time Served</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="23%"><FONT face="Times New Roman" size=1>During Past 5 Years</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><FONT face="Times New Roman" size=1>or Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="12%"><FONT face="Times New Roman" size=1>Trustee or Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" colSpan=2><B><FONT face="Times New Roman" color=#b2b2b2 size=1>Independent Trustees
      (continued)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Janet L. Yeomans</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>July 1948</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>April 1999</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Vice President and Treasurer<BR>(January
      2006&#150;Present)<BR>Vice President &#151; Mergers &amp; Acquisitions<BR>(January
      2003&#150;January 2006), and<BR>Vice President<BR>(July 1995&#150;January
      2003)<BR>3M Corporation</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Director and Audit<BR>Committee Member &#150;<BR>Okabena
      Company<BR>&nbsp;<BR>Chair &#150; 3M Investment<BR>Management
  Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>J. Richard Zecher</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>July 1940</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Since<BR>March 2005</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Founder<br>Investor Analytics<BR>(Risk
      Management)<BR>(May 1999&#150;Present)<BR><BR>Founder<BR>Sutton Asset
      Management<BR>(Hedge Fund)<BR>(September 1996&#150;Present)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>Director and<BR>Compensation<BR>Committee Member
      &#150;<BR>Investor Analytics<BR><BR>Director - Oxigene, Inc.<BR>(2003 &#150;
      2008)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><B><FONT face="Times New Roman" color=#b2b2b2 size=1>Officers</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="12%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>David F. Connor</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR><BR>December 1963</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Vice President,<BR>Deputy General<BR>Counsel, and
      Secretary</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Vice President since<BR>September 2000<BR>and
      Secretary<BR>since<BR>October 2005</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>David F. Connor has served as<BR>Vice President and
      Deputy<BR>General Counsel of<BR>Delaware Investments<BR>since
    2000.</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None<SUP>3</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Daniel V. Geatens</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR>&nbsp;<BR>October 1972</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Vice President<BR>and Treasurer</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Treasurer<BR>since<BR>October 2007</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Daniel V. Geatens has served<BR>in various
      capacities at<BR>different times at<BR>Delaware Investments.</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None<SUP>3</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>David P. O&#146;Connor</b><BR>2005 Market
      Street<BR>Philadelphia, PA<BR>19103<BR>&nbsp;<BR>February 1966</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Executive Vice<BR>President,<BR>General
      Counsel<BR>and Chief<BR>Legal Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Executive Vice President<BR>since February
      2012;<BR>Senior Vice President<BR>October 2005 &#150;<BR>February
      2012;<BR>General Counsel and<BR>Chief Legal Officer<BR>since<BR>October
      2005</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>David P. O&#146;Connor has served in<BR>various executive
      and legal<BR>capacities at different times<BR>at Delaware
      Investments.</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None<SUP>3</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1><b>Richard Salus</b><BR>2005 Market Street<BR>Philadelphia,
      PA<BR>19103<BR><BR>October 1963</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="18%"><FONT face="Times New Roman" size=1>Senior<BR>Vice President<BR>and<BR>Chief
      Financial<BR>Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="15%"><FONT face="Times New Roman" size=1>Chief Financial<BR>Officer since<BR>November
      2006</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="23%"><FONT face="Times New Roman" size=1>Richard Salus has served in<BR>various executive
      capacities<BR>at different times at<BR>Delaware Investments.</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="16%"><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid" vAlign=top noWrap align=center width="12%"><FONT face="Times New Roman" size=1>None<SUP>3</SUP></FONT></TD></TR></TABLE>
<br>
<TABLE style="PADDING-LEFT: 6pt; FONT-SIZE: 8pt; TEXT-INDENT: -6pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%">
      <DIV align=left><FONT style="FONT-FAMILY: times new roman" size=1><FONT style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</FONT> Patrick P. Coyne
      is considered to be an &#147;Interested Trustee&#148; because he is an executive
      officer of the Fund&#146;s(s&#146;) investment advisor.</FONT></DIV></TD></TR>
  <TR>
    <TD width="100%">
      <DIV align=left><FONT style="FONT-FAMILY: times new roman" size=1><FONT style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</FONT> Delaware
      Investments is the marketing name for Delaware Management Holdings, Inc.
      and its subsidiaries, including the Fund&#146;s(s&#146;) investment advisor,
      principal underwriter, and its transfer agent.</FONT></DIV></TD></TR>
  <TR>
    <TD width="100%">
      <DIV align=left><FONT style="FONT-FAMILY: times new roman" size=1><FONT style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</FONT> David F. Connor,
      Daniel V. Geatens, David P. O&#146;Connor, and Richard Salus serve in similar
      capacities for the six portfolios of the Optimum Fund Trust, which have
      the same investment advisor, principal underwriter, and transfer agent as
      the registrant.</FONT></DIV></TD></TR>
</TABLE>

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

<P align=left><FONT face="Times New Roman" size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=6>About the organization</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>This annual report is for the information
of Delaware Investments Closed-End Municipal Bond Funds shareholders. Notice is
hereby given in accordance with Section 23(c) of the Investment Company Act of
1940 that the Funds may, from time to time, purchase shares of their common
stock on the open market at market prices.</FONT></P>

<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="33%">
      <DIV align=left><FONT style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman" color=#b2b2b2>Board of directors/trustees</FONT></DIV></TD>
    <TD vAlign=top noWrap width="33%">
      <DIV align=left><FONT style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman" color=#b2b2b2>Affiliated officers</FONT></DIV></TD>
    <TD vAlign=top noWrap width="33%">
      <DIV align=left><FONT style="FONT-WEIGHT: bold; FONT-FAMILY: times new roman" color=#b2b2b2>Contact information</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="33%">&nbsp; </TD>
    <TD vAlign=top noWrap width="33%">&nbsp; </TD>
    <TD vAlign=top noWrap width="33%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap width="33%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Patrick P.
      Coyne</FONT><BR>Chairman, President,<BR>and Chief Executive
      Officer<BR>Delaware Investments<FONT style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</FONT> Family of
      Funds<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas L.
      Bennett<BR></FONT>Private Investor<BR>Rosemont, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">John A.
      Fry</FONT><BR>President<BR>Drexel University<BR>Philadelphia,
      PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Anthony D.
      Knerr<BR></FONT>Founder and Managing Director<BR>Anthony Knerr &amp;
      Associates<BR>New York, NY</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Lucinda S.
      Landreth<BR></FONT>Former Chief Investment Officer<BR>Assurant,
      Inc.<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Ann R.
      Leven<BR></FONT>Consultant<BR>ARL Associates<BR>New York, NY</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Frances A. Sevilla-Sacasa<BR></FONT>Executive Advisor to Dean,<BR>University of Miami School<BR>of Business Administration<br>Coral Gables, FL</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Janet L. Yeomans<BR></FONT>Vice
      President and Treasurer<BR>3M Corporation<BR>St. Paul, MN</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">J. Richard
      Zecher<BR></FONT>Founder<BR>Investor Analytics<BR>Scottsdale,
      AZ</FONT></DIV></TD>
    <TD vAlign=top noWrap width="33%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">David F. Connor<BR></FONT>Vice
      President, Deputy General Counsel,<BR>and Secretary<BR>Delaware
      Investments Family of Funds<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Daniel V.
      Geatens<BR></FONT>Vice President and Treasurer<BR>Delaware Investments
      Family of Funds<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">David P.
      O&#146;Connor<BR></FONT>Executive Vice President, General Counsel<BR>and Chief
      Legal Officer<BR>Delaware Investments Family of Funds<BR>Philadelphia,
      PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Richard Salus<BR></FONT>Senior
      Vice President and<BR>Chief Financial Officer<BR>Delaware Investments
      Family of Funds<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV></TD>
    <TD vAlign=top noWrap width="33%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Investment
      manager<BR></FONT>Delaware Management Company,<BR>a series of Delaware
      Management<BR>Business Trust<BR>Philadelphia, PA</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Principal office of the
      Funds<BR></FONT>2005 Market Street<BR>Philadelphia, PA
      19103-7057</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Independent registered
      public<BR>accounting firm<BR></FONT>PricewaterhouseCoopers LLP<BR>2001
      Market Street<BR>Philadelphia, PA 19103</FONT></DIV>
      <DIV>&nbsp;</DIV>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Registrar and stock
      transfer<BR>agent<BR></FONT>Computershare Shareowner Services LLC<BR>480
      Washington Blvd.<BR>Jersey City, NJ 07310<BR>800 851-9677</FONT></DIV>
      <DIV>&nbsp;</DIV></TD></TR></TABLE></DIV>

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

<p align=left><FONT style="FONT-FAMILY: Times New Roman" size=2>Each of the
Funds offers an automatic dividend reinvestment program. If you would like to
reinvest dividends, and shares are registered in your name, contact
Computershare Shareowner Services LLC at 800 851-9677. You will be asked to put
your request in writing. If you have shares registered in &#147;street&#148; name, contact
the broker/dealer holding the shares or your financial advisor.</FONT></p>

<p align=left><FONT style="FONT-FAMILY: Times New Roman" size=1>Each Fund
files its complete schedule of portfolio holdings with the Securities and
Exchange Commission (SEC) for the first and third quarters of each fiscal year
on Form N-Q. Each Fund&#146;s Forms N-Q, as well as a description of the policies and
procedures that each Fund uses to determine how to vote proxies (if any)
relating to portfolio securities are available without charge (i) upon request,
by calling 800 523-1918; and (ii) on the SEC&#146;s website at www.sec.gov. In addition, a description of the
policies and procedures that the Fund uses to determine how to vote proxies (if
any) relating to portfolio securities and each Fund&#146;s Schedule of Investments
are available without charge on the Fund&#146;s website at www.delawareinvestments.com. Each
Fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room
in Washington, D.C.; information on the operation of the Public Reference Room
may be obtained by calling 800 SEC-0330.</FONT></P>

<P align=left><FONT style="FONT-FAMILY: Times New Roman" size=1>Information (if any) regarding how each
Fund voted proxies relating to portfolio securities during the most recently
disclosed 12-month period ended June 30 is available without charge (i) through
the Funds&#146; website at www.delawareinvestments.com; and
(ii) on the SEC&#146;s website at www.sec.gov.</FONT></P>



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

<p align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>Website</FONT></FONT><BR><FONT style="FONT-FAMILY: Times New Roman" size=2>www.delawareinvestments.com</FONT></P>

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

<P align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>Number of recordholders as
of</FONT></FONT><BR><FONT style="FONT-FAMILY: Times New Roman" size=2>March 31,
2012</FONT></P>

<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Colorado
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Income Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>90</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Minnesota Municipal Income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Fund II</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>463</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>National Municipal
      Income Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>113</FONT></TD></TR></TABLE></DIV>

<P STYLE="text-align: right"><FONT face="Times New Roman" size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Item 2. Code of Ethics </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The registrant
has adopted a code of ethics that applies to the registrant&#146;s principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party. A copy of the
registrant&#146;s Code of Business Ethics has been posted on the Delaware Investments
Internet Web site at www.delawareinvestments.com. Any amendments to the Code of
Business Ethics, and information on any waiver from its provisions granted by
the registrant, will also be posted on this Web site within five business days
of such amendment or waiver and will remain on the Web site for at least 12
months. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 3. Audit Committee Financial Expert
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant&#146;s Board of Trustees/Directors has determined that certain
members of the registrant&#146;s Audit Committee are audit committee financial
experts, as defined below. For purposes of this item, an &#147;audit committee
financial expert&#148; is a person who has the following attributes: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a. An understanding of generally accepted accounting principles and
financial statements; </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>b. The ability to assess the general application of such principles in
connection with the accounting for estimates, accruals, and reserves;
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>c. Experience preparing, auditing, analyzing, or evaluating financial
statements that present a breadth and level of complexity of accounting issues
that are generally comparable to the breadth and complexity of issues that can
reasonably be expected to be raised by the registrant&#146;s financial statements, or
experience actively supervising one or more persons engaged in such activities;
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>d. An understanding of internal controls and procedures for financial
reporting; and </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>e. An understanding of audit committee functions. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>An &#147;audit committee financial expert&#148;
shall have acquired such attributes through: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a. Education and experience as a principal financial officer, principal
accounting officer, controller, public accountant, or auditor or experience in
one or more positions that involve the performance of similar functions;
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>b. Experience actively supervising a principal financial officer,
principal accounting officer, controller, public accountant, auditor, or person
performing similar functions; </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>c. Experience overseeing or assessing the performance of companies or
public accountants with respect to the preparation, auditing, or evaluation of
financial statements; or </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>d. Other relevant experience. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant&#146;s Board of Trustees/Directors has also determined that
each member of the registrant&#146;s Audit Committee is independent. In order to be
&#147;independent&#148; for purposes of this item, the Audit Committee member may not: (i)
other than in his or her capacity as a member of <FONT face="Times New Roman" size=2>the
Board of Trustees/Directors or any committee thereof, accept directly or
indirectly any consulting, advisory or other compensatory fee from the issuer;
or (ii) be an &#147;interested person&#148; of the registrant as defined in Section
2(a)(19) of the Investment Company Act of 1940.</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The names of the
audit committee financial experts on the registrant&#146;s Audit Committee are set
forth below: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Thomas L. Bennett<SUP>1</SUP>&nbsp;<BR><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face="Times New Roman" size=2>John A.
Fry&nbsp;<BR><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Frances A.
Sevilla-Sacasa&nbsp;<BR><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Janet L.
Yeomans </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 4. Principal Accountant Fees and
Services </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a) </FONT><U><FONT face="Times New Roman" size=2>Audit fees</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed for services provided to the registrant by its
independent auditors for the audit of the registrant&#146;s annual financial
statements and for services normally provided by the independent auditors in
connection with statutory and regulatory filings or engagements were $10,634 for
the fiscal year ended March 31, 2012. </FONT></P>
<P align=left><FONT size=2 face="Times New Roman">____________________</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><SUP>1</SUP> The instructions to Form
N-CSR require disclosure on the relevant experience of persons who qualify as
audit committee financial experts based on &#147;other relevant experience.&#148; The
Board of Trustees/Directors has determined that Mr. Bennett qualifies as an
audit committee financial expert by virtue of: his education and Chartered
Financial Analyst designation; his experience as a credit analyst, portfolio
manager and the manager of other credit analysts and portfolio managers; and his
prior service on the audit committees of public companies. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The aggregate
fees billed for services provided to the registrant by its independent auditors
for the audit of the registrant&#146;s annual financial statements and for services
normally provided by the independent auditors in connection with statutory and
regulatory filings or engagements were $10,600 for the fiscal year ended March
31, 2011. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(b) </FONT><U><FONT face="Times New Roman" size=2>Audit-related fees</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
services relating to the performance of the audit of the registrant&#146;s financial
statements and not reported under paragraph (a) of this Item were $0 for the
fiscal year ended March 31, 2012. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
services relating to the performance of the audit of the financial statements of
the registrant&#146;s investment adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $416,500 for the registrant&#146;s fiscal year ended
March 31, 2012. The percentage of these fees relating to services approved by
the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These audit-related services were as follows: year end audit procedures;
reporting up and subsidiary statutory audits. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
services relating to the performance of the audit of the registrant&#146;s financial
statements and not reported under paragraph (a) of this Item were $0 for the
fiscal year ended March 31, 2011. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
services relating to the performance of the audit of the financial statements of
the registrant&#146;s investment adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $593,000 for the registrant&#146;s fiscal year ended
March 31, 2011. The percentage of these fees relating to services approved by
the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These audit-related services were as follows: audit procedures performed for
both the reporting up on Delaware balances for consolidation into the parent
company, Macquarie. Also, included are the fees for each of the statutory audits
performed on the advisor and its affiliates/subsidiaries. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(c)
</FONT><U><FONT face="Times New Roman" size=2>Tax fees</FONT></U><FONT face="Times New Roman" size=2>.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
tax-related services provided to the registrant were $2,050 for the fiscal year
ended March 31, 2012. The percentage of these fees relating to services approved
by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax returns and
review of annual excise distribution calculations. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
tax-related services provided to the registrant&#146;s investment adviser and other
service providers under common control with the adviser and that relate directly
to the operations or financial reporting of the registrant were $0 for the
registrant&#146;s fiscal year ended March 31, 2012. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
tax-related services provided to the registrant were $1,850 for the fiscal year
ended March 31, 2011. The percentage of these fees relating to services approved
by the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax returns and
review of annual excise distribution calculations. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed by the registrant&#146;s independent auditors for
tax-related services provided to the registrant&#146;s investment adviser and other
service providers under common control with the adviser and that relate directly
to the operations or financial reporting of the registrant were $10,000 for the
registrant&#146;s fiscal year ended March 31, 2011. The percentage of these fees
relating to services approved by the registrant&#146;s Audit Committee pursuant to
the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2>
</FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2>
exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X was 0%. These tax-related services were as follows: state and
local tax services. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(d) </FONT><U><FONT face="Times New Roman" size=2>All other fees</FONT></U><FONT face="Times New Roman" size=2>. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed for all services provided by the independent
auditors to the registrant other than those set forth in paragraphs (a), (b) and
(c) of this Item were $0 for the fiscal year ended March 31, 2012. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed for all services other than those set forth in
paragraphs (b) and (c) of this Item provided by the registrant&#146;s independent
auditors to the registrant&#146;s adviser and other service providers under common
control with the adviser and that relate directly to the operations or financial
reporting of the registrant were $25,000 for the registrant&#146;s fiscal year ended
March 31, 2012. The percentage of these fees relating to services approved by
the registrant&#146;s Audit Committee pursuant to the </FONT><U><FONT face="Times New Roman" size=2>de</FONT></U><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>minimis</FONT></U><FONT face="Times New Roman" size=2> exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These other services were as follows: attest examination of management's
assertion to the controls in place at the transfer agent to be in compliance
with Rule 17ad-13(a)(3) of the Securities Exchange Act of 1934. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate fees billed for all services provided by the independent
auditors to the registrant other than those set forth in paragraphs (a), (b) and
(c) of this Item were $0 for the fiscal year ended March 31, 2011. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The aggregate
fees billed for all services other than those set forth in paragraphs (b) and
(c) of this Item provided by the registrant&#146;s independent auditors to the
registrant&#146;s adviser and other service providers under common control with the
adviser and that relate directly to the operations or financial reporting of the
registrant were $0 for the registrant&#146;s fiscal year ended March 31, 2011.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(e) The registrant&#146;s Audit Committee has established pre-approval
policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X
(the &#147;Pre-Approval Policy&#148;) with respect to services provided by the
registrant&#146;s independent auditors. Pursuant to the Pre-Approval Policy, the
Audit Committee has pre-approved the services set forth in the table below with
respect to the registrant up to the specified fee limits. Certain fee limits are
based on aggregate fees to the registrant and other registrants within the
Delaware Investments<SUP>&#174;</SUP> Family of Funds. </FONT></P>
<TABLE style="PADDING-RIGHT: 3pt; PADDING-LEFT: 3pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Service</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="30%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Range
      of Fees</FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><B><FONT face="Times New Roman" size=2>Audit
      Services</FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>Statutory audits or
      financial audits for new Funds</FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $25,000 per
      Fund</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%"><FONT face="Times New Roman" size=2>
      <P align=left><FONT face="Times New Roman" size=2>Services associated with SEC
      registration statements (e.g., Form N-1A, Form N-14, etc.), periodic
      reports and other documents filed with the SEC or other documents issued
      in connection with securities offerings (e.g., comfort letters for
      closed-end Fund offerings, consents), and assistance in responding to SEC
      comment letters </FONT></P></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="30%"><FONT face="Times New Roman" size=2>
      <P align=left><FONT face="Times New Roman" size=2>up to $10,000 per Fund
      </FONT></P></FONT></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>Consultations by Fund management as
      to the accounting or disclosure treatment of transactions or events and/or
      the actual or potential impact of final or proposed rules, standards or
      interpretations by the SEC, FASB, or other regulatory or standard-setting
      bodies (Note: Under SEC rules, some consultations may be considered
      &#147;audit-related services&#148; rather than &#147;audit services&#148;) </FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $25,000 in the aggregate
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><B><FONT face="Times New Roman" size=2>Audit-Related Services
      </FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>Consultations by Fund management as
      to the accounting or disclosure treatment of transactions or events and
      /or the actual or potential impact of final or proposed rules, standards
      or interpretations by the SEC, FASB, or other regulatory or
      standard-setting bodies (Note: Under SEC rules, some consultations may be
      considered &#147;audit services&#148; rather than &#147;audit-related services&#148;)
      </FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $25,000 in the aggregate
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><B><FONT face="Times New Roman" size=2>Tax Services </FONT></B></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>U.S. federal, state and local and
      international tax planning and advice (e.g., consulting on statutory,
      regulatory or administrative developments, evaluation of Funds&#146; tax
      compliance function, etc.) </FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $25,000 in the aggregate
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>U.S. federal, state and local tax
      compliance (e.g., excise distribution reviews, etc.) </FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $5,000 per Fund
  </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%">
      <P align=left><FONT face="Times New Roman" size=2>Review of federal, state, local and
      international income, franchise and other tax returns </FONT></P></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="30%">
      <P align=left><FONT face="Times New Roman" size=2>up to $5,000 per Fund
  </FONT></P></TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Under the
Pre-Approval Policy, the Audit Committee has also pre-approved the services set
forth in the table below with respect to the registrant&#146;s investment adviser and
other entities controlling, controlled by or under common control with the
investment adviser that provide ongoing services to the registrant (the &#147;Control
Affiliates&#148;) up to the specified fee limit. This fee limit is based on aggregate
fees to the investment adviser and its Control Affiliates. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><BR>
<TABLE style="PADDING-RIGHT: 3pt; PADDING-LEFT: 3pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>Service</STRONG></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>Range of Fees</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%"><B><FONT face="Times New Roman" size=2>Non-Audit
Services</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="69%"><FONT face="Times New Roman" size=2>Services associated with periodic reports
      and other documents filed with the SEC and assistance in responding to SEC
      comment letters</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2>up to $10,000 in the
    aggregate</FONT></TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Pre-Approval
Policy requires the registrant&#146;s independent auditors to report to the Audit
Committee at each of its regular meetings regarding all services initiated since
the last such report was rendered, including those services authorized by the
Pre-Approval Policy. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(f) Not applicable. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(g) The aggregate non-audit fees billed by the registrant&#146;s independent
auditors for services rendered to the registrant and to its investment adviser
and other service providers under common control with the adviser were
$10,901,705 and $25,000 for the registrant&#146;s fiscal years ended March 31, 2012
and March 31, 2011, respectively. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(h) In connection with its selection of the independent auditors, the
registrant&#146;s Audit Committee has considered the independent auditors&#146; provision
of non-audit services to the registrant&#146;s investment adviser and other service
providers under common control with the adviser that were not required to be
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit
Committee has determined that the independent auditors&#146; provision of these
services is compatible with maintaining the auditors&#146; independence. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 5. Audit Committee of Listed
Registrants </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant has a separately-designated standing Audit Committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934. The members of the registrant&#146;s Audit Committee are Thomas L.
Bennett, John A. Fry, Frances A. Sevilla-Sacasa and Janet L. Yeomans.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Item 6. Investments </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(a) Included as
part of report to shareholders filed under Item 1 of this Form N-CSR.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(b) Divestment of securities in accordance with Section 13(c) of the
Investment Company Act of 1940. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 7. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant has formally delegated to its investment adviser(s) (the
&#147;Adviser&#148;) the responsibility for making all proxy voting decisions in relation
to portfolio securities held by the registrant. If and when proxies need to be
voted on behalf of the registrant, the Adviser will vote such proxies pursuant
to its Proxy Voting Policies and Procedures (the &#147;Procedures&#148;). The Adviser has
established a Proxy Voting Committee (the &#147;Committee&#148;) which is responsible for
overseeing the Adviser&#146;s proxy voting process for the registrant. One of the
main responsibilities of the Committee is to review and approve the Procedures
to ensure that the Procedures are designed to allow the Adviser to vote proxies
in a manner consistent with the goal of voting in the best interests of the
registrant. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to facilitate the actual process of voting proxies, the Adviser
has contracted with Institutional Shareholder Services (&#147;ISS&#148;), a wholly owned
subsidiary of RiskMetrics Group (&#147;RiskMetrics&#148;), which is a subsidiary of MSCI
Inc., to analyze proxy statements on behalf of the registrant and other Adviser
clients and vote proxies generally in accordance with the Procedures. The
Committee is responsible for overseeing ISS/RiskMetrics&#146;s proxy voting
activities. If a proxy has been voted for the registrant, ISS/RiskMetrics will
create a record of the vote. By no later than August 31 of each year,
information (if any) regarding how the registrant voted proxies relating to
portfolio securities during the most recently disclosed 12-month period ended
June 30 is available without charge (i) through the registrant&#146;s website at
www.delawareinvestments.com; and (ii) on the Commission&#146;s website at
www.sec.gov. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Procedures contain a general guideline that recommendations of
company management on an issue (particularly routine issues) should be given a
fair amount of weight in determining how proxy issues should be voted. However,
the Adviser will normally vote against management&#146;s position when it runs
counter to its specific Proxy Voting Guidelines (the &#147;Guidelines&#148;), and the
Adviser will also vote against management&#146;s recommendation when it believes that
such position is not in the best interests of the registrant. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As stated above, the Procedures also list specific Guidelines on how to
vote proxies on behalf of the registrant. Some examples of the Guidelines are as
follows: (i) generally vote for shareholder proposals asking that a majority or
more of directors be independent; (ii) generally vote against proposals to
require a supermajority shareholder vote; (iii) votes on mergers and
acquisitions should be considered on a case-by-case basis, determining whether
the transaction enhances shareholder value; (iv) generally vote against
proposals at companies with more than one class of common stock to increase the
number of authorized shares of the class that has superior voting rights; (v)
generally vote re-incorporation proposals on a case-by-case basis; (vi) votes
with respect to equity-based compensation plans are generally determined on a
case-by-case basis; and (vii) generally vote for proposals requesting reports on
the level of greenhouse gas emissions from a company&#146;s operations and products.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Because the
registrant has delegated proxy voting to the Adviser, the registrant is not
expected to encounter any conflict of interest issues regarding proxy voting and
therefore does not have procedures regarding this matter. However, the Adviser
does have a section in its Procedures that addresses the possibility of
conflicts of interest. Most proxies which the Adviser receives on behalf of the
registrant are voted by ISS/RiskMetrics in accordance with the Procedures.
Because almost all registrant proxies are voted by ISS/RiskMetrics pursuant to
the pre-determined Procedures, it normally will not be necessary for the Adviser
to make an actual determination of how to vote a particular proxy, thereby
largely eliminating conflicts of interest for the Adviser during the proxy
voting process. In the very limited instances where the Adviser is considering
voting a proxy contrary to ISS/RiskMetrics&#146;s recommendation, the Committee will
first assess the issue to see if there is any possible conflict of interest
involving the Adviser or affiliated persons of the Adviser. If a member of the
Committee has actual knowledge of a conflict of interest, the Committee will
normally use another independent third party to do additional research on the
particular proxy issue in order to make a recommendation to the Committee on how
to vote the proxy in the best interests of the registrant. The Committee will
then review the proxy voting materials and recommendation provided by
ISS/RiskMetrics and the independent third party to determine how to vote the
issue in a manner which the Committee believes is consistent with the Procedures
and in the best interests of the registrant. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 8. Portfolio Managers of Closed-End
Management Investment Companies </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><STRONG>Other Accounts
Managed&nbsp;<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT face="Times New Roman" size=2>The following chart lists certain
information about types of other accounts for which each portfolio manager is
primarily responsible as of March 31, 2012, unless otherwise noted. Any accounts
managed in a personal capacity appear under &#147;Other Accounts&#148; along with the
other accounts managed on a professional basis. The personal account information
is current as of June 30, 2011. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#000000></TD>
    <TD noWrap align=left width="12%" bgColor=#000000></TD>
    <TD noWrap align=left width="20%" bgColor=#000000></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>No. of Accounts
      with</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="23%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>Total Assets in
      Accounts</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#000000></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>No.
      of</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>Total
      Assets</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>Performance-</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="23%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>with
      Performance-</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#000000></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#000000><FONT color=#ffffff><B><U><FONT face="Times New Roman" size=2>Accounts</FONT></U></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#000000><FONT color=#ffffff><B><U><FONT face="Times New Roman" size=2>Managed</FONT></U></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%" bgColor=#000000><FONT color=#ffffff><B><U><FONT face="Times New Roman" size=2>Based
      Fees</FONT></U></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="23%" bgColor=#000000><FONT color=#ffffff><B><U><FONT face="Times New Roman" size=2>Based
      Fees</FONT></U></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#e9e9e9><B><FONT face="Times New Roman" size=2>Joseph R. Baxter</FONT></B></TD>
    <TD noWrap align=left width="12%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="26%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#e9e9e9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Registered Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>18</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$4.9 billion</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Companies</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Pooled</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Investment Vehicles</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Accounts</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>41</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$1.9 billion</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#e9e9e9><B><FONT face="Times New Roman" size=2>Stephen J. Czepiel</FONT></B></TD>
    <TD noWrap align=left width="12%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="26%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#e9e9e9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Registered Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>18</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$4.9 billion</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Companies</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Pooled</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Investment Vehicles</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Accounts</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>38</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$2.7 billion</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#e9e9e9><B><FONT face="Times New Roman" size=2>Denise A. Franchetti</FONT></B></TD>
    <TD noWrap align=left width="12%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="26%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#e9e9e9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Registered Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>3</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$307.9 million</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Companies</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Pooled</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Investment Vehicles</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Accounts</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>2</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>Under $1 million</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#e9e9e9><B><FONT face="Times New Roman" size=2>Gregory A. Gizzi</FONT></B></TD>
    <TD noWrap align=left width="12%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="26%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#e9e9e9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Registered Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>3</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$307.9 million</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Companies</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Pooled</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Investment Vehicles</FONT></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Other Accounts</FONT></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>26</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>$343.1 million</FONT></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>DESCRIPTION OF MATERIAL CONFLICTS OF
INTEREST <BR></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Individual portfolio managers may perform investment management services
for other funds or accounts similar to those provided to the Funds and the
investment action for such other fund or account and the Funds may differ. For
example, an account or fund may be selling a security, while another account or
Fund may be purchasing or holding the same security. As a result, transactions
executed for one fund or account may adversely affect the value of securities
held by another fund, account or Fund. Additionally, the management of multiple
other funds or accounts and the Funds may give rise to potential conflicts of
interest, as a portfolio manager must allocate time and effort to multiple funds
or accounts and the Funds. A portfolio manager may discover an investment
opportunity that may be suitable for more than one account or fund. The
investment opportunity may be limited, however, so that all funds or accounts
for which the investment would be suitable may not be able to participate. The
Manager has adopted procedures designed to allocate investments fairly across
multiple funds or accounts. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A portfolio manager&#146;s management of personal accounts also may present
certain conflicts of interest. While Delaware&#146;s code of ethics is designed to
address these potential conflicts, there is no guarantee that it will do so.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><STRONG>Compensation
Structure&nbsp;<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT face="Times New Roman" size=2>Each portfolio&#146;s manager&#146;s compensation
consists of the following: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG><EM>Base Salary
-</EM></STRONG></FONT><FONT face="Times New Roman" size=2><STRONG> </STRONG></FONT><FONT face="Times New Roman" size=2>Each named portfolio manager receives a fixed base salary.
Salaries are determined by a comparison to industry data prepared by third
parties to ensure that portfolio manager salaries are in line with salaries paid
at peer investment advisory firms. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Bonus</EM></STRONG></FONT><FONT face="Times New Roman" size=2><STRONG> -
</STRONG></FONT><FONT face="Times New Roman" size=2>An objective component is added to the
bonus for each manager that is reflective of account performance relative to an
appropriate peer group or database. The following paragraph describes the
structure of the non-guaranteed bonus. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each portfolio manager is eligible to receive an annual cash bonus, which
is based on quantitative and qualitative factors. There is one pool for bonus
payments for the fixed income department. The amount of the pool for bonus
payments is determined by assets managed (including investment companies,
insurance product-related accounts and other separate accounts), management fees
and related expenses (including fund waiver expenses) for registered investment
companies, pooled vehicles, and managed separate accounts. Generally, 60%-75% of
the bonus is quantitatively determined. For more senior portfolio managers, a
higher percentage of the bonus is quantitatively determined. For investment
companies, each manager is compensated according the Fund&#146;s Lipper or
Morningstar peer group percentile ranking on a one-year, three-year, and
five-year basis, with longer-term performance more heavily weighted. For managed
separate accounts the portfolio managers are compensated according to the
composite percentile ranking against the Frank Russell and Callan Associates
databases (or similar sources of relative performance data) on a one-year,
three-year, and five-year basis, with longer term performance more heavily
weighted. There is no objective award for a fund that falls below the
50<SUP>th</SUP> percentile, but incentives reach maximum potential at the
25<SUP>th</SUP>-30<SUP>th</SUP> percentile. There is a sliding scale for
investment companies that are ranked above the 50<SUP>th</SUP> percentile. The
remaining 25%-40% portion of the bonus is discretionary as determined by
Delaware Investments and takes into account subjective factors. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>For new and
recently transitioned portfolio managers, the compensation may be weighted more
heavily towards a portfolio manager&#146;s actual contribution and ability to
influence performance, rather than longer-term performance. Management intends
to move the compensation structure towards longer-term performance for these
portfolio managers over time. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG><EM>Incentive Unit
Plan</EM></STRONG></FONT><FONT face="Times New Roman" size=2> - Portfolio managers may be
awarded incentive unit awards (&#147;Awards&#148;) relating to the underlying shares of
common stock of Delaware Management Holdings, Inc. issuable pursuant to the
terms of the Delaware Investments Incentive Unit Plan (the &#147;Plan&#148;) adopted on
November 30, 2010. Awards are no longer granted under the Delaware Investments
U.S., Inc. 2009 Incentive Compensation Plan or the Amended and Restated Delaware
Investments U.S., Inc. Incentive Compensation Plan, which was established in
2001. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan was adopted in order to: assist the Manager in attracting,
retaining, and rewarding key employees of the company; enable such employees to
acquire or increase an equity interest in the company in order to align the
interest of such employees and the Manager; and provide such employees with
incentives to expend their maximum efforts. Subject to the terms of the Plan and
applicable award agreements, Awards typically vest in 25% increments on a
four-year schedule, and shares of common stock underlying the Awards are issued
after vesting. The fair market value of the shares of Delaware Management
Holdings, Inc., is normally determined as of each March 31, June 30, September
30 and December 31 by an independent appraiser. Generally, a stockholder may put
shares back to the company during the put period communicated in connection with
the applicable valuation. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG><EM>Other Compensation
</EM></STRONG></FONT><FONT face="Times New Roman" size=2>- Portfolio managers may also
participate in benefit plans and programs available generally to all
employees.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><U><FONT face="Times New Roman" size=2>Ownership of Securities</FONT></U><FONT face="Times New Roman" size=2>&nbsp;<BR><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT face="Times New Roman" size=2>As of April 30, 2012, the portfolio
managers did not own any shares of the Fund. <BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR></TABLE></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 9. Purchases of Equity Securities by
Closed-End Management Investment Companies and Affiliated Purchasers </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Not applicable.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 10. Submission of Matters to a Vote
of Security Holders </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Item 11. Controls and Procedures
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant&#146;s principal executive officer and principal financial
officer have evaluated the registrant&#146;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></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There were no significant changes in the
registrant&#146;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by the report to stockholders
included herein (i.e., the registrant&#146;s fourth fiscal quarter) that have
materially affected, or are reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Item 12. Exhibits </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(a)</FONT><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman" size=2>(1) Code of Ethics</FONT></P>
<DIV style="PADDING-LEFT: 15pt">
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Not applicable.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(2) Certifications of Principal Executive
Officer and Principal Financial Officer pursuant to Rule 30a-2 under the
Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(3) Written solicitations to purchase
securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not applicable. </FONT></P></DIV>
<P align=left><FONT face="Times New Roman" size=2>(b)</FONT><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman" size=2>Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES </FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>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></P>
<P align=left><B><FONT face="Times New Roman" size=2>Name of Registrant: DELAWARE
INVESTMENTS</FONT></B><B><FONT face="Times New Roman" size=2><SUP>&#174;</SUP></FONT></B><B><FONT face="Times New Roman" size=2> NATIONAL MUNICIPAL INCOME FUND </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</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></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ RICHARD SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99_cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT 99.CERT </FONT></B></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>CERTIFICATION</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>I, Patrick P. Coyne, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD NOWRAP STYLE="text-align: left; vertical-align: middle"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" COLSPAN="4" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>I have
      reviewed this report on Form N-CSR of Delaware Investments<SUP>&#174;
      </SUP>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>Based on
      my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>evaluated the effectiveness of
      the registrant's disclosure controls and procedures and presented in this
      report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of a date within 90 days prior to the filing date of
      this report based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the second fiscal quarter of the period covered by this
      report that has materially affected, or is reasonably likely to materially
      affect, the registrant&#146;s internal control over financial reporting;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>all significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant's ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant's internal control over financial
      reporting.</FONT></TD></TR></TABLE>
<DIV>&nbsp;</DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Chief Executive
Officer</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>CERTIFICATION</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>I, Richard Salus, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD NOWRAP STYLE="text-align: left; vertical-align: middle"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" COLSPAN="4" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>I have
      reviewed this report on Form N-CSR of Delaware Investments<SUP>&#174;
      </SUP>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>Based on
      my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>evaluated the effectiveness of
      the registrant's disclosure controls and procedures and presented in this
      report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of a date within 90 days prior to the filing date of
      this report based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the second fiscal quarter of the period covered by this
      report that has materially affected, or is reasonably likely to materially
      affect, the registrant&#146;s internal control over financial reporting;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%" colSpan=4><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>all significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant's ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant's internal control over financial
      reporting.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ RICHARD SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Chief Financial
Officer</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exhibit99-906_cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT 99.906CERT </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>In connection with the attached report of
the registrant on Form N-CSR to be filed with the Securities and Exchange
Commission (the &#147;Report&#148;), each of the undersigned officers of the registrant
does hereby certify, to the best of such officer&#146;s knowledge, that: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The Report fully complies with
      the requirements of Section 13(a) or Section 15(d) of the Securities
      Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The information contained in the
      Report fairly represents, in all material respects, the financial
      condition and results of operations of the registrant as of, and for, the
      periods presented in the Report.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>June 6, 2012</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%"><FONT size=2 face="Times New Roman">Chief Executive Officer</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>/s/ RICHARD SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Chief Financial
Officer</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act, or other document
authenticating, acknowledging, or otherwise adopting the signatures that appear
in typed form within the electronic version of this written statement required
by Section 906, has been provided to the registrant and will be retained by the
registrant and furnished to the SEC or its staff upon request. </FONT></P>
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<SEQUENCE>4
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