<SEC-DOCUMENT>0001206774-14-000655.txt : 20140228
<SEC-HEADER>0001206774-14-000655.hdr.sgml : 20140228
<ACCEPTANCE-DATETIME>20140228140856
ACCESSION NUMBER:		0001206774-14-000655
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140228
DATE AS OF CHANGE:		20140228
EFFECTIVENESS DATE:		20140228

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		14653823

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>dimuniincome_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<BODY bgcolor=#ffffff>
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<P align=center><B><FONT size=2 face="Times New Roman">UNITED STATES
<BR></FONT></B><B><FONT size=2 face="Times New Roman">SECURITIES AND EXCHANGE
COMMISSION <BR>Washington, DC 20549 </FONT></B></P>
<P align=center><B><FONT size=2 face="Times New Roman">FORM N-Q </FONT></B></P>
<P align=center><B><FONT size=2 face="Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED <BR>MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Investment Company Act
      file number:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">811-07410</FONT></TD></TR>
  <TR>
    <TD width="50%" noWrap align=left>&nbsp;</TD>
    <TD width="50%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Exact name of
      registrant as specified in charter:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Delaware Investments<SUP>&#174;
      </SUP>National</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">Municipal Income Fund</FONT></TD></TR>
<TR>
    <TD width="50%" noWrap align=left>&nbsp;</TD>
    <TD width="50%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Address of principal
      executive offices:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">2005 Market
      Street</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA
      19103</FONT></TD></TR>
  <TR>
    <TD width="50%" noWrap align=left>&nbsp;
</TD>
    <TD width="50%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Name and address of
      agent for service:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">David F. Connor,
      Esq.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">2005 Market
      Street</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left>&nbsp;</TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA
      19103</FONT></TD></TR>
  <TR>
    <TD width="50%" noWrap align=left></TD>
    <TD width="50%" noWrap align=left>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Registrant&#146;s telephone
      number, including area code:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">(800)
  523-1918</FONT></TD></TR>
  <TR>
    <TD width="50%" noWrap align=left></TD>
    <TD width="50%" noWrap align=left>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of fiscal year
      end:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">March 31</FONT></TD></TR>
  <TR>
    <TD width="50%" noWrap align=left></TD>
    <TD width="50%" noWrap align=left>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of reporting
      period:</FONT></TD>
    <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">December 31,
    2013</FONT></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT size=2 face="Times New Roman">Item 1. Schedule of Investments.
</FONT></B></P>
<P align=left><FONT size=6 face="Arial">Schedule of investments</FONT></P>
<P align=left><B><FONT size=2 face="Arial">Delaware
Investments</FONT></B><B><FONT size=2 face="Arial"><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial">National Municipal Income
Fund<BR></FONT></B><FONT size=2 face="Arial">December 31, 2013
(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><STRONG><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal
      Bonds &#150; 147.23%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Corporate Revenue Bonds &#150; 15.78%</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Buckeye, Ohio
      Tobacco Settlement</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Financing Authority Asset-Backed</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Asset-Backed -2 Series A-2</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>6.50%
      6/1/47</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">430,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">348,936</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">City of Valparaiso
      IN</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Pratt
      Paper Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>7.00%
      1/1/44 (AMT)</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">240,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">241,685</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Gaston County
      Industrial Facilities &amp;</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Pollution Control Financing</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Exempt
      Facilities-National Gypsum</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Project) 5.75% 8/1/35 (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">290,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">252,532</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Golden State,
      California Tobacco</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Securitization Corporation</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Settlement Revenue (Asset-Backed</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Senior
      Notes) Series A-1</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.75%
      6/1/47</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">743,190</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Harris County,
      Texas Industrial</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Development Corporation Solid</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Waste
      Disposal Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Deer
      Park Refining project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.00%
      2/1/23</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">150,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">159,036</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Illinois Railsplitter
      Tobacco Settlement</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>6.25%
      6/1/24</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">536,675</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Louisiana Local
      Government</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Environmental Facilities &amp;</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Community Development Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Westlake Chemical)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      A 6.50% 8/1/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">645,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">706,617</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      A-1 6.50% 11/1/35</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">255,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">272,932</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Maryland Economic
      Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Corporation Facilities Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(CNX
      Marine Terminals)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.75%
      9/1/25</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">600,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">622,104</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">M-S-R Energy
      Authority, California</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Gas</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      C 7.00% 11/1/34</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,231,190</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Navajo County, Arizona
      Pollution</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Control
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Arizona Public Services-Cholla)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      D 5.75% 6/1/34<FONT size=3 face="Times New Roman">&#149;</FONT></FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">551,225</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey
      Economic Development</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Special Facility Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Continental Airlines project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.25%
      9/15/29 (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">457,395</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Ohio State Air Quality
      Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority Revenue Environmental</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Improvement</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(First
      Energy Generation) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.70%
      8/1/20</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">260,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">286,853</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Pima County,
      Arizona Industrial</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Development Authority Pollution</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Control
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Tucson
      Electric Power San Juan)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.75%
      9/1/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial"></FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">254,093</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Salt Verde Financial,
      Arizona Gas</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Revenue
      Senior Note</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.00%
      12/1/37</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">400,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">384,196</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">St. John the
      Baptist Parish, Louisiana</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Marathon Oil) Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.125%
      6/1/37</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">493,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Suffolk County, New
      York Tobacco</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Asset
      Securitization</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      B 5.00% 6/1/32</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">750,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">731,460</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Tobacco
      Settlement Financing</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Corporation, Louisiana</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Asset-Backed Note</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      A 5.25% 5/15/35</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">460,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">447,589</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Tobacco Settlement
      Financing</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Corporation, New Jersey</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      1A 5.00% 6/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">353,230</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Town of Shoals,
      Indiana</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Amt-National Gypsum Project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>7.25%
      11/1/43</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">310,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">307,709</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">9,382,247</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Education Revenue Bonds &#150; 24.98%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Bowling Green, Ohio
      Student Housing</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(CFP I
      State University project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>6.00%
      6/1/45</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">260,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">256,903</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">California
      Statewide Communities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Development Authority School</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Facility Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Aspire
      Public Schools)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>6.125%
      7/1/46</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">625,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">589,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">California Statewide
      Communities</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Development Authority Student</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Housing
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Irvine, LLC - UCI East Campus)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>6.00%
      5/15/23</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">470,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">504,611</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Deephaven,
      Minnesota Charter School</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(Eagle
      Ridge Academy Project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>Series
      A 5.50% 7/1/43</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">467,580</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Delaware County,
      Pennsylvania</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>(Villanova University)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>5.00%
      8/1/20</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">390,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">447,326</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Health &amp;
      Educational Facilities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Authority of the State of Missouri</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG>(St.
      Louis College of Pharmacy</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Project) 5.25% 5/1/33</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">501,060</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: right"><I><FONT size=2 face="Arial" color=#808080>(continues) </FONT></I><I><FONT size=1 face="Arial">NQ- OV9 [12/13] 2/14 (12140)&nbsp;&nbsp;&nbsp;1</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT size=6 face="Arial" color=#b2b2b2>Schedule of investments</FONT></P>
<P align=left><B><FONT size=2 face="Arial" color=#b2b2b2>Delaware
Investments</FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2>National Municipal Income
Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=center></TD>
    <TD width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal Bonds </FONT></B><FONT size=1 face="Arial">(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Education Revenue Bonds (continued)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Health &amp;
      Educational Facilities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority of
      the State of Missouri</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Washington
      University) Series B</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      11/15/30</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">600,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">658,404</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Marietta, Georgia
      Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Life
      University Income project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%
      6/15/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">430,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">428,461</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Maryland Health
      &amp; Higher Educational</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loyola
      University) Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">650,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">659,152</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Maryland State
      Economic</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Student Housing</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (University of
      Maryland College</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park projects)
      5.75% 6/1/33</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">370,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">377,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Massachusetts
      State Health &amp;</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational
      Facilities Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Harvard
      University) Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      12/15/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">600,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">654,936</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Monroe County, New York
      Industrial</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Nazareth
      College Rochester</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; project) 5.50%
      10/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">495,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">503,385</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Montgomery
      County, Pennsylvania</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher
      Education &amp; Health</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Arcadia
      University) Series ARCADI</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      4/1/30</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">550,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">565,279</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey Economic
      Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MSU Student
      Housing Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%
      6/1/42</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">735,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">767,230</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New York City,
      New York Trust For</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cultural
      Resources</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Whitney Museum
      of American Art)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      7/1/31</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">516,995</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New York State
      Dormitory Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Columbia
      University) Series</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COLUM 5.00%
      10/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">600,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">632,766</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Oregon State
      Facilities Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Concordia
      University project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 144A
      6.125% 9/1/30#</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">135,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">136,937</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Pennsylvania State
      Higher Educational</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Edinboro
      University Foundation)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%
      7/1/30</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">400,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">397,068</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (University
      Properties - East</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoudsbourg
      University)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      7/1/19</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">510,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">547,796</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Phoenix, Arizona
      Industrial</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Authority Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Eagle College
      Preparatory Project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      7/1/43</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial"></FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">425,155</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Rowan
      University project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      6/1/42</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">963,260</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Pima County, Arizona
      Industrial</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Authority Education</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Edkey Charter
      School Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%
      7/1/48</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">443,235</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Private Colleges
      &amp; Universities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue, Georgia</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mercer
      University) Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      10/1/32</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">135,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">130,837</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">St Lawrence County, New
      York</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial
      Development Agency</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (St. Lawrence
      University project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      7/1/26</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">270,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">296,773</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Swarthmore
      Borough Authority,</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Pennsylvania</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Swarthmore
      College Project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      9/15/32</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">490,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">525,398</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Troy, New York Capital
      Resource</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Rensselaer
      Polytechnic) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%
      9/1/40</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">600,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">605,520</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">University of
      Arizona</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      6/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">521,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">University of
      California</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AI 5.00%
      5/15/32</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,071,010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Wyoming
      Community Development</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Student Housing Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CHF-Wyoming
      LLC) 6.50% 7/1/43</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">256,363</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">14,851,073</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Healthcare Revenue Bonds &#150; 21.20%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Arizona Health
      Facilities Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Catholic
      Healthcare West) Series D</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%
      7/1/28</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">510,960</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Brevard County,
      Florida Health</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
      Authority Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Health First
      Project) 7.00% 4/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">90,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">96,773</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Butler County,
      Pennsylvania Hospital</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Butler Health
      System project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%
      7/1/29</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">450,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">515,826</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Colorado Health
      Facilities Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Healthcare
      Facilities - American</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist) 8.00%
      8/1/43</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">330,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">323,558</FONT></TD></TR></TABLE><BR>
<P align=left><I><FONT size=1 face="Arial">2&nbsp;&nbsp;&nbsp;NQ- OV9 [12/13] 2/14
(12140)</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

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

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=center></TD>
    <TD width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal Bonds </FONT></B><FONT size=1 face="Arial">(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Healthcare Revenue Bonds (continued)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Duluth,
      Minnesota Economic</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (St. Luke&#146;s Hospital
      Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligation Group) 5.75%
      6/15/32</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">400,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">390,224</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Hawaii Pacific Health
      Special Purpose</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.50%
      7/1/40</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">303,837</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Illinois Finance
      Authority Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Silver Cross &amp;
      Medical Centers)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 8/15/44</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">950,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,024,452</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Koyukuk, Alaska
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Tanana Chiefs
      Conference Health</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Care Facility
      project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 10/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">315,510</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Louisiana Public
      Facilities Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Ochsner Clinic
      Foundation project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 5/15/37</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">105,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">114,301</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Lycoming County,
      Pennsylvania</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority Health System
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Susquehanna Health
      System</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project) Series A 5.50%
      7/1/28</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">513,465</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Maine Health
      &amp; Higher Educational</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Authority
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Maine General Medical
      Center)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% 7/1/41</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">311,232</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Maricopa County,
      Arizona Industrial</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority
      Health</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Catholic Healthcare
      West) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 7/1/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">525,010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Maryland Health
      &amp; Higher Educational</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Authority
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Carroll Hospital)
      Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/37</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">315,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">307,138</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Monroe County,
      Pennsylvania Hospital</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Pocono Medical Center)
      Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">466,710</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Montgomery
      County, Pennsylvania</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development
      Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mortgage -
      Whitemarsh</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing Care) 6.25%
      2/1/35</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">675,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">653,474</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New Hampshire Health
      and Education</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dartmouth - Hitchock
      Medical</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Center) 6.00%
      8/1/38</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">321,147</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey
      Health Care Facilities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing Authority
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (St. Peters University
      Hospital)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 7/1/35</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">307,110</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New Mexico Hospital
      Equipment Loan</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Council
Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Presbyterian
      Healthcare)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">499,260</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New York State
      Dormitory Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Non State
      Supported Debt</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Orange Regional Medical
      Center)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 12/1/37</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">479,990</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Orange County, Florida
      Health</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mayflower Retirement
      Center)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series REF 5.00%
      6/1/32</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">400,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">386,208</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series REF 5.00%
      6/1/36</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">236,303</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series REF 5.125%
      6/1/42</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">750,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">709,253</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Philadelphia,
      Pennsylvania Hospitals &amp;</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Education
      Facilities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Temple University
      Health System)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.50%
      7/1/30</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">259,803</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">St. Cloud, Minnesota
      Health Care</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Centracare Health
      System project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.125%
      5/1/30</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">820,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">862,681</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">State of
      Ohio</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cleveland Clinic
      Health) Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 1/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">323,946</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">University of Medical
      Center, Tuscon,</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Hospital
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 7/1/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">533,575</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">West Virginia
      Hospital Finance</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Highland Hospital
      Obligation</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group) 9.125%
      10/1/41</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">595,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Yavapai County, Arizona
      Industrial</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Yavapai Regional
      Medical Center)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      8/1/28</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">720,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">719,597</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">12,606,443</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Housing Revenue Bonds &#150; 2.68%</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">California
      Municipal Finance Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Home Park
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Caritas Project) Series
      A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 8/15/47</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">750,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">735,278</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Caritas Projects)
      Series A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% 8/15/45</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">430,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">442,036</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">City of Williston,
      Neveda</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Eagle Crest Apartments
      Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 9/1/38</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">255,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">248,673</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: right"><I><FONT size=2 face="Arial" color=#808080>(continues) </FONT></I><I><FONT size=1 face="Arial">NQ- OV9 [12/13] 2/14 (12140)&nbsp;&nbsp;&nbsp;3</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT size=6 face="Arial" color=#b2b2b2>Schedule of investments</FONT></P>
<P align=left><B><FONT size=2 face="Arial" color=#b2b2b2>Delaware
Investments</FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2>National Municipal Income
Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal Bonds
      </FONT></B><FONT size=1 face="Arial">(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Housing Revenue Bonds
      (continued)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Florida Housing Finance
      Homeowner</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90% 7/1/29 (NATL-RE)
      (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">165,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">166,214</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">1,592,201</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Lease Revenue
      Bonds &#150; 14.36%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">California State Public Works
      Board</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Lease Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Various Capital Projects) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 4/1/37</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,002,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">California Statewide
      Communities</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority
      Student</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing
Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Lancer Plaza
      project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% 11/1/33</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">889,890</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Idaho State Building
Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Health &amp; Welfare project) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 9/1/24</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">135,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">152,717</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (State Police) Series I 5.00% 9/1/23</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">760,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">862,775</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Minnesota State General
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00%
      3/1/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">2,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">2,184,660</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey Economic
    Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (School Facilities Construction)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series EE 5.00% 9/1/18</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">100,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">115,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New York City, New York
      Industrial</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
    Agency</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Senior Trips) Series
      A</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/28</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">237,143</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Pima County, Arizona
    Industrial</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Metro</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Police Facility Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Nevada Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.25% 7/1/31</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">509,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.375% 7/1/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">511,570</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Public Finance
      Authority, Winconsin</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airport Facilities
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AFCO Investors
      II)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 10/1/31
      (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">449,855</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">San Jose, California
Financing</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Civic Center Project) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.00% 6/1/28</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">536,865</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Tobacco Settlement
      Financing</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation, New York
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00%
      6/1/21</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,082,660</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">8,535,851</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Local General
      Obligation Bonds &#150; 2.44%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">City of New York, New York</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A-1 5.25% 8/15/21</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left><FONT size=1 face="Arial"></FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">285,635</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#ffffff width="1%" noWrap align=left></TD>
    <TD bgColor=#ffffff width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I-1 5.375%
      4/1/36</FONT></TD>
    <TD bgColor=#ffffff width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#ffffff width="1%" noWrap align=left></TD>
    <TD bgColor=#ffffff width="1%" noWrap align=left></TD>
    <TD bgColor=#ffffff width="1%" noWrap align=right><FONT size=1 face="Arial">274,958</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">County of Ramsey,
      Minnesota Capital</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00%
      2/1/18</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">348,318</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Gila County, Arizona Unified
      School</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      District No. 10</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Payson School Improvement</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Project of 2006) Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.25% 7/1/27 (AMBAC)</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">539,205</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,448,116</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Special Tax
      Revenue Bonds &#150; 24.60%</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Anne Arundel County,
      Maryland</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Obligation
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (National Business Park
      - North</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; project) 6.10%
      7/1/40</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">200,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">205,502</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Brooklyn Arena Local
    Development,</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      New York Pilot Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Barclays Center Project)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.25% 7/15/40</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">940,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">987,047</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6.50% 7/15/30</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">322,554</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">California State
      Economic Recovery</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.25% 7/1/21 ST
      GTD</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">260,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">305,141</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">California Statewide
    Communities</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Statewide Inland Regional Center</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      project) 5.375% 12/1/37</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">501,635</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Guam Government
      Business Privilege</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      1/1/22</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">775,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">868,713</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 5.00%
      1/1/42</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">545,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">525,129</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Massachusetts Bay
    Transportation</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authority Senior</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.25% 7/1/29</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">200,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">228,548</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Miami-Dade County,
      Florida Special</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligation</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Capital Appreciation
      &amp; Income)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00% 10/1/35
      (NATL-RE)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,830</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Mosaic District, Virginia
      Community</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Development Authority Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 6.875% 3/1/36</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">520,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">572,114</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey Economic
      Development</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
    Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/28</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">200,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">200,406</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">800,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">792,336</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (School Facilities
      Construction)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA 5.50%
      12/15/29</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">900,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">968,760</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey Transportation Trust
      Fund</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series A 5.00% 6/15/42</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">110,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">110,827</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Series AA 5.00% 6/15/44</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">340,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">340,755</FONT></TD></TR></TABLE><BR>
<P align=left><I><FONT size=1 face="Arial">4&nbsp;&nbsp;&nbsp;NQ- OV9 [12/13] 2/14
(12140)</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

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

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=center></TD>
    <TD width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal Bonds </FONT></B><FONT size=1 face="Arial">(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Special Tax Revenue Bonds (continued)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New York City,
      New York Industrial</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Agency Civic
      Facility</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (YMCA of Greater New
      York</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; project) 5.00%
      8/1/36</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">880,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">880,176</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New York State
      Dormitory Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      3/15/33</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,061,280</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State Personal Income
      Tax</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue-Education)
      Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/15/38</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">570,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">602,165</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Northampton
      County, Pennsylvania</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development
      Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Route 33 Project) 7.00%
      7/1/32</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">230,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">218,813</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Peoria, Arizona
      Municipal</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority
      Sales Tax &amp;</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise Shared
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Senior Lien &amp;
      Subordinate Lien)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SR LIEN 5.00%
      1/1/18</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,085,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,244,636</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Puerto Rico
      Sales Tax Financing</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 6.00%
      8/1/42</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">235,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">175,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C 6.00%
      8/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">225,204</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Regional Transportation
      District,</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Tax
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Denver Transit
      Partners)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 1/15/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">509,715</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Fastracks project)
      Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/26</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">555,935</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Virginia Public
      Building Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      8/1/26</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,106,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Wyandotte County,
      Kansas City,</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas Unified
      Government Special</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligation
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Capital Appreciation)
      Sales Tax</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinate Lien 0.00%
      6/1/21^</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">165,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">111,731</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">14,622,247</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">State General Obligation Bonds &#150; 8.56%</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">California State
      Various Purposes</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/41</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">440,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">446,459</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/1/40</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">320,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">332,246</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 4/1/38</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">105,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">117,912</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">State of Minnesota
      Various Purposes</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F 5.00%
      10/1/20</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">2,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">2,373,537</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">State of New
      York</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      2/15/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">300,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">318,639</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">State of
    Oregon</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K 5.00%
      5/1/22</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,275,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">1,499,834</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">5,088,627</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Transportation Revenue Bonds &#150; 25.47%</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Bay Area,
      California Toll Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (San Francisco Bay
      Area)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/27</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">750,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial"></FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">827,715</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Central Texas Regional
      Mobility</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien 6.00%
      1/1/41</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">520,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">529,802</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">City of Chicago,
      Illonis O&#146;Hare</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Airport
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (General-Senior Lien)
      Series D</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/34</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,017,940</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Foothill-Eastern,
      California</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Corridor
      Agency</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00% 1/15/42
      (AGM)</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">460,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">434,833</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Maryland State
      Economic</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Transportation
      Facilities Project)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.75%
      6/1/35</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">255,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">257,338</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Metropolitan Transit
      Authority of</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County,
      Texas</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      11/1/24</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">559,565</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Metropolitan
      Transportation Authority,</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      11/15/41</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">501,585</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C 5.00%
      11/15/30</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">515,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Metropolitan Washington
      D.C. Airports</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority Dulles Toll
      Road Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (First Senior Lien)
      Series A</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 10/1/44</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">245,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">247,156</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">New Jersey State
      Turnpike Authority</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      1/1/27</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,076,690</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">New York Liberty
      Development</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1 World Trade Center
      Port</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority Construction)
      Series TRD</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTR 5.00% 12/15/41 GO OF
      AUTH</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">504,890</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">North Texas
      Tollway Authority Special</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Projects
System</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      9/1/20</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">291,090</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Pennsylvania Turnpike
      Commission</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinate</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Special Motor License
      Foundation)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SPL MTR
      LICENS</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/22</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">556,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Pennsylvania
      Turnpike Commission</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suboridnate</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Special Motor License
      Foundation)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00%
      12/1/41</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,950</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Port Authority of
      Allegheny County,</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 3/1/29</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">900,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">986,670</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: right"><I><FONT size=2 face="Arial" color=#808080>(continues) </FONT></I><I><FONT size=1 face="Arial">NQ- OV9 [12/13] 2/14 (12140)&nbsp;&nbsp;&nbsp;5</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT size=6 face="Arial" color=#b2b2b2>Schedule of investments</FONT></P>
<P align=left><B><FONT size=2 face="Arial" color=#b2b2b2>Delaware
Investments</FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2>National Municipal Income
Fund</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left></TD>
    <TD width="1%" noWrap align=center><B><FONT size=1 face="Arial">Principal</FONT></B></TD>
    <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">Value</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="95%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Arial">Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Arial">(U.S. $)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Municipal
      Bonds </FONT></B><FONT size=1 face="Arial">(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="96%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Transportation Revenue Bonds (continued)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">Port Authority
      of New York &amp; New</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey Special
      Project</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (JFK
      International Air Terminal)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%
      12/1/42</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">230,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">244,681</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%
      12/1/28</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">521,120</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">St. Louis Missouri
      Airport Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Lambert St.
      Louis International)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AMT
      5.00% 7/1/32 (AMT)</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">969,490</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">St. Louis,
      Missouri Airport Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Lambert St.
      Louis International)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1
      6.625% 7/1/34</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">325,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">360,906</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">State of Oregon
      Department of</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Transportation</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      11/15/26</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,146,870</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">Texas Private
      Activity Bond Surface</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation
      Corporate Senior</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lien
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (LBJ
      Infrastructure)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%
      6/30/40</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">285,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">308,909</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%
      6/30/33</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">665,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">742,632</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mobility
      Partners) 7.50% 12/31/31</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">555,910</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (NTE Mobility
      Partners)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% 6/30/43
      (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">225,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">235,872</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%
      12/31/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,000,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">1,072,100</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 12/31/38
      (AMT)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">165,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">177,202</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left>&nbsp; </TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">15,144,266</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="96%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Water &amp; Sewer Revenue Bonds &#150; 7.16%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">Atlanta, Georgia Water
      &amp; Wastewater</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 6.25%
      11/1/39</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">950,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">1,069,016</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">Los Angeles,
      California Wastewater</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; System
      Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.00%
      6/1/27</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">556,140</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">New York City, New York
      Municipal</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Finance
      Authority</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Second General
      Resolution) Series BB</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%
      6/15/44</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">525,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">547,864</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">Phoenix, Arizona
      Civic Improvement</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wastewater
      Systems Revenue</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Junior Lien)
      Series A 5.00% 7/1/39</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">900,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">941,238</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">San Francisco,
      California City &amp;</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County Public
      Utilities Commission</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water
      Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F 5.00%
      11/1/27</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">557,425</FONT></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">Texas
      State</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C 5.00%
      8/1/22</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">584,540</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right></TD></TR>
  <TR>
    <TD WIDTH="1%" NOWRAP ALIGN="LEFT"></TD>
    <TD WIDTH="95%" NOWRAP ALIGN="LEFT"></TD>
    <TD WIDTH="1%" NOWRAP ALIGN="LEFT"></TD>
    <TD WIDTH="1%" NOWRAP ALIGN="LEFT"></TD>
    <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="border-bottom: #000000 1pt solid"><FONT size=1 face="Arial">4,256,223</FONT></TD>
    <TD WIDTH="1%" NOWRAP ALIGN="RIGHT"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Total Municipal Bonds</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">(cost
      $87,189,721)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=1 face="Arial">87,527,294</FONT></B></TD>
    <TD width="1%" noWrap align=right></TD></TR>
  <TR>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left>&nbsp;&nbsp; </TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD COLSPAN="2" NOWRAP STYLE="background-color: #c0c0c0; width: 96%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=1 face="Arial">Short-Term Investments &#150; 1.26%</FONT></B></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
  <TR vAlign=bottom>
    <TD width="96%" colSpan=2 noWrap align=left><FONT size=1 face="Arial">Variable Rate Demand Notes &#150; 1.26%&#164;</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">California State
      Series B-7 0.01%</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/1/40(LOC-
      JPMorgan Chase Bank</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N.A.)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">250,000</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">Minneapolis - St. Paul,
      Minnesota</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing &amp;
      Redevelopment</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority
      Health Care Revenue</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2
      (Allina Health System)</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%
      11/15/35(LOC- JPMorgan</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Bank
      N.A.)</FONT></TD>
    <TD width="1%" noWrap align=left><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">500,000</FONT></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Total Short-Term Investments</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">(cost
      $750,000)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="background-color: #c0c0c0; width: 1%; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=1 face="Arial">750,000</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="100%" colSpan=6 align=left>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Total Value of Securities &#150; 148.49%</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><FONT size=1 face="Arial">(cost
      $87,939,721)</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><B><FONT size=1 face="Arial">88,277,294</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Liquidation Value of Preferred</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><B><FONT size=1 face="Arial">Stock &#150;
      (50.46%)</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right><B><FONT size=1 face="Arial">(30,000,000</FONT></B></TD>
    <TD width="1%" noWrap align=left><B><FONT size=1 face="Arial">)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Receivables and Other Assets Net</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="95%" noWrap align=left><B><FONT size=1 face="Arial">of Liabilities &#150; 1.97%</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><B><FONT size=1 face="Arial">1,173,640</FONT></B></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=1 face="Arial">Net Assets Applicable to</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><B><FONT size=1 face="Arial">26,729,377
      Shares</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%" noWrap align=left></TD>
    <TD width="95%" noWrap align=left><B><FONT size=1 face="Arial">Outstanding &#150; 100.00%</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD>
    <TD width="1%" noWrap align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=1 face="Arial">$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=1 face="Arial">59,450,934</FONT></B></TD>
    <TD width="1%" noWrap align=left></TD></TR></TABLE>____________________<BR>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>#</FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=2 face="Arial">Security exempt from
      registration under Rule 144A of the Securities Act of 1933, as amended. At
      Dec. 31, 2013, the aggregate value of Rule 144A securities was $136,937,
      which represents 0.23% of the Fund&#146;s net assets. See Note 4 in
      &#147;Notes.&#148;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>&#164;</FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=2 face="Arial">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. The rate shown is the rate as of Dec. 31,
      2013.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>&#176;</FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=2 face="Arial">Principal amount shown
      is stated in U.S. Dollars unless noted that the security is denominated in
      another currency.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left>&#149;</TD>
    <TD vAlign=top width="99%" align=left><FONT size=2 face="Arial">Variable rate
      security. The rate shown is the rate as of Dec. 31, 2013. Interest rates
      reset periodically.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>^</FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=2 face="Arial">Zero coupon security.
      The rate shown is the yield at the time of
purchase.</FONT></TD></TR></TABLE><BR>
<P align=left><I><FONT size=1 face="Arial">6&nbsp;&nbsp;&nbsp;NQ- OV9 [12/13] 2/14
(12140)</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT size=2 face="Arial">Summary of
abbreviations:<BR></FONT></B><FONT size=2 face="Arial">AGM &#150; Insured by
Assured Guaranty Municipal Corporation <BR>AMBAC &#150; Insured by AMBAC Assurance
Corporation <BR>AMT &#150; Subject to Alternative Minimum Tax<BR></FONT><FONT size=2 face="Arial">NATL-RE &#150; Insured by National Public Finance Guarantee
Corporation</FONT></P>
<P align=right><I><FONT size=2 face="Arial" color=#808080>(continues) </FONT></I><I><FONT size=1 face="Arial">NQ- OV9 [12/13] 2/14 (12140)&nbsp;&nbsp;&nbsp;7</FONT></I></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT size=6 face="Arial">Notes</FONT></P>
<P align=left><B><FONT size=2 face="Arial">Delaware
Investments</FONT></B><B><FONT size=2 face="Arial"><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial">National Municipal Income
Fund</FONT></B></P>
<P align=left><FONT size=2 face="Arial">December 31, 2013
(Unaudited)</FONT></P>
<P align=left><B><FONT size=2 face="Arial">1. Significant Accounting
Policies</FONT></B></P>
<P align=left><FONT size=1 face="Arial">The following accounting policies are
in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and
are consistently followed by Delaware Investments National Municipal Income Fund
(Fund). This report covers the period of time since the Fund&#146;s last fiscal year
end.</FONT></P>
<P align=left><B><FONT size=1 face="Arial">Security Valuation
</FONT></B><FONT size=1 face="Arial">&#151; 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. Generally, other securities and assets for which market
quotations are not readily available are valued at fair value as determined in
good faith under the direction of the Fund&#146;s Board of Trustees (Board). In
determining whether market quotations are readily available or fair valuation
will be used, various factors will be taken into consideration, such as market
closures or suspension of trading in a security.</FONT></P>
<P align=left><B><FONT size=1 face="Arial">Federal Income Taxes
</FONT></B><FONT size=1 face="Arial">&#151; No provision for federal income taxes
has been made as the Fund intends to continue to qualify for federal income tax
purposes as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to
shareholders. The Fund evaluates tax positions taken or expected to be taken in
the course of preparing the Fund&#146;s 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 &#147;more-likely-than-not&#148; threshold
are recorded as a tax benefit or expense in the current year. Management has
analyzed the Fund&#146;s tax positions taken for all open federal income tax years
(March 31, 2010&#150;March 31, 2013), and has concluded that no provision for federal
income tax is required in the Fund&#146;s financial statements.</FONT></P>
<P align=left><B><FONT size=1 face="Arial">Use of Estimates </FONT></B><FONT size=1 face="Arial">&#151; 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 size=1 face="Arial">Other </FONT></B><FONT size=1 face="Arial">&#151; Expenses directly attributable to the Fund are charged
directly to the Fund. Other expenses common to various funds within the Delaware
Investments&#174; Family of Funds are generally allocated among 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 on debt securities are amortized to
interest income over the lives of the respective securities using the effective
interest method. The Fund declares and pays dividends from net investment income
monthly and distributions from net realized gain on investments, if any,
annually. The Fund may distribute more frequently, if necessary for tax
purposes. Dividends and distributions, if any, are recorded on the ex-dividend
date.</FONT></P>
<P align=left><B><FONT size=2 face="Arial">2. Investments</FONT></B></P>
<P align=left><FONT size=1 face="Arial">At Dec. 31, 2013, the cost of
investments federal income tax purposes has been estimated since final tax
characteristics cannot be determined until fiscal year end. At Dec. 31, 2013,
the cost of investments and unrealized appreciation (depreciation) for the Fund
were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="40%">

  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="97%" noWrap align=left><FONT size=1 face="Arial">Cost of
      Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">87,964,583</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="97%" noWrap align=left><FONT size=1 face="Arial">Aggregate unrealized
      appreciation</FONT></TD>
    <TD width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD width="1%" noWrap align=right><FONT size=1 face="Arial">2,054,117</FONT></TD>
    <TD width="1%" noWrap align=left></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="97%" noWrap align=left><FONT size=1 face="Arial">Aggregate
      unrealized depreciation</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">(1,741,406</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=left><FONT size=1 face="Arial">)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="97%" noWrap align=left><FONT size=1 face="Arial">Net unrealized
      appreciation</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=1 face="Arial">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">312,711</FONT></TD>
    <TD width="1%" noWrap align=left></TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Arial">For federal income tax purposes, at
March 31, 2013, capital loss carryforwards of $407,888 may be carried forward
and applied against future capital gains. Capital loss carryforwards will expire
as follows: $407,888 expires in 2018.</FONT></P>
<P align=left><FONT size=1 face="Arial">On Dec. 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 were generally effective for taxable years
beginning after the date of enactment. Under the Act, the Fund is 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><FONT size=1 face="Arial">U.S. GAAP defines fair value as the
price that the Fund would receive to sell an asset or pay to transfer a
liability in an orderly transaction between market participants at the
measurement date under current market conditions. A three level hierarchy for
fair value measurements has been established based upon the transparency of
inputs to the valuation of an asset or liability. Inputs may be observable or
unobservable and refer broadly to the assumptions that market participants would
use in pricing the asset or liability. Observable inputs reflect the assumptions
market participants would use in pricing the asset or liability based on market
data obtained from sources independent of the reporting entity. Unobservable
inputs reflect the reporting entity&#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. The 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 border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=1 face="Arial">Level 1 &#150;&nbsp;
    </FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=1 face="Arial">inputs are quoted
      prices in active markets for identical investments (e.g., equity
      securities, open-end investment companies, futures contracts,
      exchange-traded options contracts)</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=1 face="Arial">Level 2 &#150; </FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=1 face="Arial">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></TD></TR></TABLE><BR>
<P align=left><i><FONT size=1 face="Arial">8&nbsp;&nbsp;&nbsp;NQ- OV9 [12/13] 2/14
(12140)</FONT></i></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT size=6 face="Arial" color=#b2b2b2>Notes</FONT></P>
<P align=left><B><FONT size=2 face="Arial" color=#b2b2b2>Delaware
Investments</FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2><SUP>&#174;
</SUP></FONT></B><B><FONT size=2 face="Arial" color=#b2b2b2>National Municipal Income
Fund</FONT></B></P>
<P align=left><B><FONT size=2 face="Arial">2. Investments
(continued)</FONT></B></P>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD vAlign=top width="1%" noWrap align=left><FONT size=1 face="Arial">Level&nbsp;3 &#150;&nbsp; </FONT></TD>
    <TD vAlign=top width="99%" align=left><FONT size=1 face=Arial>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)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Arial">Level 3 investments are valued using
significant unobservable inputs. The Fund may also use an income-based valuation
approach in which the anticipated future cash flows of the investment are
discounted to calculate fair value. Discounts may also be applied due to the
nature or duration of any restrictions on the disposition of the investments.
Valuations may also be based upon current market prices of securities that are
comparable in coupon, rating, maturity and industry. The derived value of a
Level 3 investment may not represent the value which is received upon
disposition and this could impact the results of operations.</FONT></P>
<P align=left><FONT size=1 face="Arial">The following table summarizes the
valuation of the Fund&#146;s investments by fair value hierarchy levels as of Dec.
31, 2013:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width="30%">

  <TR vAlign=bottom>
    <TD width="100%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" colSpan=2 noWrap align=center><FONT size=1 face="Arial">Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Municipal
      Bonds</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">$</FONT></TD>
    <TD bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">87,527,294</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" noWrap align=left><FONT size=1 face="Arial">Short-Term
      Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=1 face="Arial">750,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 width="100%" noWrap align=left><FONT size=1 face="Arial">Total</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#c0c0c0 width="1%" noWrap align=right><FONT size=1 face="Arial">88,277,294</FONT></TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Arial">During the period ended Dec. 31,
2013, there were no transfers between Level 1 investments, Level 2 investments
or Level 3 investments that had a significant impact to the Fund. The Fund&#146;s
policy is to recognize transfers between levels at the beginning of the
reporting period.</FONT></P>
<P align=left><B><FONT size=2 face="Arial">3. Preferred Stock</FONT></B></P>
<P align=left><FONT size=1 face="Arial">On March15, 2012, the Fund issued
$30,000,000 Series 2017 Variable Rate MuniFund Term Preferred (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 the 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 size=1 face="Arial">The 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 the Fund,
subject to payment of a premium until April 1, 2014, and at par thereafter. The
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 size=1 face="Arial">The Fund uses leverage because its
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 the Fund&#146;s overall performance.</FONT></P>
<P align=left><FONT size=1 face="Arial">Leverage may also cause the Fund to
incur certain costs. In the event that the Fund is unable to meet certain
criteria (including, but not limited to, maintaining certain ratings with Fitch
Ratings and Moody&#146;s Investors Service (Moody&#146;s), funding dividend payments or
funding redemptions), the Fund will pay additional fees with respect to the
leverage.</FONT></P>
<P align=left><B><FONT size=2 face="Arial">4. Geographic, Credit and Market
Risk</FONT></B></P>
<P align=left><FONT size=1 face="Arial">The Fund concentrates its investments
in securities issued by municipalities, and may be subject to geographic
concentration risk. In addition, the Fund has the flexibility to invest in
issuers in Puerto Rico, the Virgin Islands, and Guam whose bonds are also free
of individual state income taxes. The value of the Fund&#146;s investments may be
adversely affected by new legislation within the states, regional or local
economic conditions, and differing levels of supply and demand for municipal
bonds. Many municipalities insure repayment for their obligations. Although bond
insurance reduces the risk of loss due to default by an issuer, such bonds
remain subject to the risk that value may fluctuate for other reasons and there
is no assurance that the insurance company will meet its obligations. A real or
perceived decline in creditworthiness of a bond insurer can have an adverse
impact on the value of insured bonds held in the Fund. At Dec. 31, 2013, 3.60%
of the Fund&#146;s net assets were insured by bond insurers. These securities have
been identified in the schedule of investments.</FONT></P>
<P align=left><FONT size=1 face="Arial">The Fund invests a portion of its
assets in high yield fixed income securities, which are securities rated BB
lower or by Standard &amp; Poor&#146;s (S&amp;P) and/or Ba or lower by 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 size=1 face="Arial">The Fund may invest in advanced
refunded bonds, escrow secured bonds or defeased bonds. Under current federal
tax laws and regulations, state and local government borrowers are permitted to
refinance outstanding bonds by issuing new bonds. The issuer refinances the
outstanding debt to either reduce interest costs or to remove or alter
restrictive covenants imposed by the bonds being refinanced. A refunding
transaction where the municipal securities are being refunded within 90 days
from the issuance of the refunding issue is known as a &#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 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 size=1 face="Arial">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=right><i><FONT size=1 face="Arial">NQ- OV9 [12/13] 2/14 (12140)&nbsp;&nbsp;&nbsp;9</FONT></i></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align=left><FONT size=1 face="Arial">Certain obligations held by the Fund
may have liquidity protection to ensure that the receipt of payments due on the
underlying security is timely. Such protection may be provided through
guarantees, insurance policies or letters of credit obtained by the issuer or
sponsor from third parties, through various means of structuring the
transactions or through a combination of such approaches. The Fund will not pay
any additional fees for such credit support, although the existence of credit
support may increase the price of a security.</FONT></P>
<P align=left><FONT size=1 face="Arial">The Fund may invest up to 15% of its
net assets in illiquid securities, which may include securities with contractual
restrictions on resale, securities exempt from registration under Rule 144A of
the Securities Act of 1933, as amended, and other securities which may not be
readily marketable. The relative illiquidity of these securities may impair the
Fund from disposing of them in a timely manner and at a fair price when it is
necessary or desirable to do so. While maintaining oversight, the Fund&#146;s Board
has delegated to Delaware Management Company, a series of Delaware Management
Business Trust, the day-to-day functions of determining whether individual
securities are liquid for purposes of the Fund&#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 Fund&#146;s 15% limit on
investments in illiquid securities. As of Dec. 31, 2013, no securities have been
determined to be illiquid under the Fund&#146;s Liquidity Procedures. Rule 144A
securities have been identified on the schedule of investments.</FONT></P>
<P align=left><B><FONT size=2 face="Arial">5. Subsequent
Events</FONT></B></P>
<P align=left><FONT size=1 face="Arial">Management has determined that no
material events or transactions occurred subsequent to Dec. 31, 2013 that would
require recognition or disclosure in the Fund&#146;s schedule of
investments.</FONT></P>
<P align=left><i><FONT size=1 face="Arial">10&nbsp;&nbsp;&nbsp;NQ- OV9 [12/13] 2/14
(12140)</FONT></i></P>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT size=2 face="Times New Roman">Item 2. Controls and Procedures.
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman">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=justify><FONT size=2 face="Times New Roman"><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 registrant&#146;s last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting. </FONT></P>
<P align=justify><B><FONT size=2 face="Times New Roman">Item 3. Exhibits.
</FONT></B></P>
<P align=justify><FONT size=2 face="Times New Roman"><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>File as exhibits as part
of this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)), exactly as set forth below: </FONT></P>
<HR align=center SIZE=2 width="100%" noShade>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><B><U><FONT size=2 face="Times New Roman">CERTIFICATION</FONT></U></B><B><FONT size=2 face="Times New Roman">
</FONT></B></P>
<P align=left><FONT size=2 face="Times New Roman">I, Patrick P. Coyne, certify that:
</FONT></P>
<TABLE style="TEXT-ALIGN: justify" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; border-top: White 2pt solid"><FONT size=2 face="Times New Roman">1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">I have
      reviewed this report on Form N-Q of Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Based
      on my knowledge, the schedules of investments included in this report
      fairly present in all material respects the investments of the registrant
      as of the end of the fiscal quarter for which the report is
    filed;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The
      registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(a)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(b)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Designed such
      internal control over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(c)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Evaluated the
      effectiveness of the registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(d)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the registrant&#146;s most recent fiscal quarter
      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 colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The
      registrant&#146;s other certifying officer(s) and I have disclosed to the
      registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(a)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">All significant
      deficiencies and material weaknesses in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#146;s ability to record, process, summarize,
      and report financial information; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(b)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant&#146;s internal control
      over financial reporting.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="10%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick P.
Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp; </FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">February 25,
  2014</FONT></TD></TR>
  <TR>
    <TD width="19%" noWrap align=left></TD>
    <TD width="80%" noWrap align=left>&nbsp;</TD></TR></TABLE>
<HR align=center SIZE=2 width="100%" noShade>



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

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; border-top: White 2pt solid"><FONT size=2 face="Times New Roman">1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">I have
      reviewed this report on Form N-Q of Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Based on my
      knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not misleading with respect to the period covered by this
  report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Based on my
      knowledge, the schedules of investments included in this report fairly
      present in all material respects the investments of the registrant as of
      the end of the fiscal quarter for which the report is filed;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The
      registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(a)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(b)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Designed such internal
      control over financial reporting, or caused such internal control over
      financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(c)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Evaluated the
      effectiveness of the registrant&#146;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 vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(d)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the registrant&#146;s most recent fiscal quarter
      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 colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The
      registrant&#146;s other certifying officer(s) and I have disclosed to the
      registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(a)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">All significant
      deficiencies and material weaknesses in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#146;s ability to record, process, summarize,
      and report financial information; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">(b)</FONT> </TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant&#146;s internal control
      over financial reporting.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp; </TD></TR></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="10%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ RICHARD SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Chief&nbsp;Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp; </FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">February 25,
  2014</FONT></TD></TR>
  <TR>
    <TD width="19%" noWrap align=left></TD>
    <TD width="80%" noWrap align=left>&nbsp;
  </TD></TR></TABLE>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT size=2 face="Times New Roman">SIGNATURES</FONT></U></B><B><FONT size=2 face="Times New Roman">
</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman">Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P align=left><B><FONT size=2 face="Times New Roman">DELAWARE INVESTMENTS</FONT></B><B><FONT size=2 face="Times New Roman"><SUP>&#174;</SUP></FONT></B><B><FONT size=2 face="Times New Roman">
NATIONAL MUNICIPAL INCOME FUND </FONT></B></P>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="10%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick P.
Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp; </FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">February 25,
  2014</FONT></TD></TR></TABLE><BR>
<P align=left><FONT size=2 face="Times New Roman"><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 border=0 cellSpacing=0 cellPadding=0 width="10%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ PATRICK P. COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick P.
Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp; </FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">February 25,
  2014</FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="10%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ RICHARD SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">Chief&nbsp;Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp; </FONT></TD>
    <TD width="80%" noWrap align=left><FONT size=2 face="Times New Roman">February 25,
  2014</FONT></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>



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