<SEC-DOCUMENT>0001206774-15-000634.txt : 20150226
<SEC-HEADER>0001206774-15-000634.hdr.sgml : 20150226
<ACCEPTANCE-DATETIME>20150226124300
ACCESSION NUMBER:		0001206774-15-000634
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150226
DATE AS OF CHANGE:		20150226
EFFECTIVENESS DATE:		20150226

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:		15651319

	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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<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,
    2014</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 face=Arial size=6>Schedule of investments</FONT></P>
<P align=left><B><FONT face=Arial size=2>Delaware Investments</FONT></B><B><FONT face=Arial size=2><SUP>&#174; </SUP></FONT></B><B><FONT face=Arial size=2>National
Municipal Income Fund</FONT></B><BR><FONT face=Arial size=2>December 31, 2014 (Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds &#150; 141.55%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Corporate-Backed Revenue Bonds &#150; 15.74%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Buckeye, Ohio
      Tobacco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Settlement Financing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Asset-Backed -2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A-2 5.875% 6/1/47</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>902,737</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A-2 6.50% 6/1/47</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>430,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>382,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>City of Valparaiso, Indiana</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Pratt Paper
Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.00% 1/1/44 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>240,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>283,886</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Gaston County
      Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities &amp;
      Pollution</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Control
      Financing Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Exempt
      Facilities-National</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Gypsum
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75%
      8/1/35 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>290,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>290,719</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Gloucester County Pollution</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Control Financing
      Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Keystone Urban
    Renewal)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 12/1/24 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>125,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>141,029</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Golden State,
      California</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tobacco
      Securitization</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporation
    Settlement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue
      (Asset-Backed</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Senior
      Notes) Series A-1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75%
      6/1/47</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,415,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,180,195</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Harris County, Texas
    Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
    Corporation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Solid Waste Disposal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Deer Park Refining
      Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 2/1/23</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>150,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>166,621</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Illinois Railsplitter
      Tobacco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Settlement Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.25%
      6/1/24</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>539,295</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Louisiana Local Government</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Environmental Facilities
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Community
Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Westlake Chemical)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 6.50%
8/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>645,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>772,039</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A-1 6.50%
    11/1/35</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>255,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>306,964</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Maryland
Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
    Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(CNX
      Marine Terminals)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75%
      9/1/25</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>669,696</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>M-S-R Energy Authority,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>California Gas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series C 7.00%
    11/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,427,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Jersey
    Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Continental
Airlines</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.625%
      11/15/30 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>225,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>246,229</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New Jersey Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Special Facility
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Continental
Airlines</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25% 9/15/29 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>533,890</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Ohio State Air
      Quality</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(First
      Energy Generation)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.70% 8/1/20</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>260,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>301,631</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Pima County, Arizona</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Pollution
      Control</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Tucson Electric Power
      San</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Juan) 5.75% 9/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>250,453</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>St. John the Baptist
      Parish,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Louisiana</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Marathon Oil) Series
    A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.125%
      6/1/37</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>530,610</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Suffolk County, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tobacco Asset</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Securitization</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series B 5.00%
6/1/32</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>829,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Tobacco Settlement
      Financing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporation,
    Louisiana</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Asset-Backed Note</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.25% 5/15/35</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>460,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>508,990</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Town of Shoals, Indiana</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(National Gypsum
      Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.25% 11/1/43 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>310,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>348,099</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>10,612,398</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Education Revenue Bonds &#150; 28.08%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Bowling Green, Ohio
      Student</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Housing
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(CFP I
      State University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 6.00%
6/1/45</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>260,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>281,081</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Build NYC Resource, New</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25% 11/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>510,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>548,087</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face=Arial size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT face=Arial size=2>NQ-OV9 [12/14] 2/15 (13988) 1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Education Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>California
    Statewide</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Communities
    Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority School
      Facility</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Aspire
      Public Schools)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.125%
      7/1/46</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>625,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>658,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California Statewide</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Communities
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Student
      Housing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Irvine, LLC - UCI
    East</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Campus) 6.00%
5/15/23</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>470,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>526,945</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>East Hempfield
      Township,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pennsylvania
    Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Student Services Income
      -</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Student
      Housing Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      7/1/35</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,066,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Health &amp; Educational
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority of the State
      of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Missouri</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(St. Louis College
of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pharmacy Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25% 5/1/33</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>556,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Washington
    University)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series B 5.00%
    11/15/30</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>700,134</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Henderson Public</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Improvement Trust,
      Nevada</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Touro
      College &amp; University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>System
      Obligation)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.50%
      1/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>135,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>149,541</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Marietta, Georgia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Life University
    Income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 7.00%
    6/15/39</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>430,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>443,390</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Maryland Health &amp;
      Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Educational
    Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Loyola
      University) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      10/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>650,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>724,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Maryland State Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development Student</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Housing Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(University of
    Maryland</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>College Park
    Projects)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75% 6/1/33</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>370,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>405,302</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Massachusetts State Health
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Educational
    Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Harvard University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 12/15/29</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>699,636</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Monroe County, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Nazareth College</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Rochester Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.50% 10/1/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>495,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>544,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Montgomery
    County,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pennsylvania Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Education &amp;
    Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Arcadia University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25%
      4/1/30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>550,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>595,628</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New Hope Cultural Education</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities, Texas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Chief-Collegiate
      Housing-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tarleton St.)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 4/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,087,290</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Jersey
    Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(MSU
      Student Housing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 5.875%
    6/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>499,725</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New York City, New York
    Trust</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For Cultural
    Resources</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Whitney Museum of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>American Art)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 7/1/31</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>564,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New York State
      Dormitory</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Columbia
University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      10/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>690,282</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Touro
      College &amp; University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>System)
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.50%
      1/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>390,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>442,291</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Oregon State Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Concordia
University</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) Series A
    144A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.125% 9/1/30 #</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>135,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>145,248</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Pennsylvania State
      Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Educational
    Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Edinboro University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Foundation) 5.80%
    7/1/30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>436,540</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>2 NQ-OV9 [12/14] 2/15 (13988)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=2 color=#b2b2b2>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Education Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Pennsylvania State
      Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Educational
    Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(University Properties -
      East</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Stoudsbourg
    University)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25%
      7/1/19</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>510,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>566,452</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Philadelphia Authority for</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1st Philadelphia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preparatory College)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.25% 6/15/43</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>370,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>412,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Phoenix, Arizona
      Industrial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Eagle
      College Preparatory</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      7/1/43</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>481,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Rowan
      University Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,089,370</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Pima County, Arizona</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Education</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Edkey Charter
School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 6.00%
7/1/48</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>494,285</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Private Colleges &amp;
      Universities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue,
      Georgia</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Mercer
      University Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      C 5.25% 10/1/23</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>696,306</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Mercer
      University) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      10/1/32</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>135,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>146,777</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Swarthmore Borough</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority,
    Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Swarthmore College</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 5.00%
    9/15/32</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>490,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>582,963</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Troy, New York
      Capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Resource Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Rensselaer
    Polytechnic)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.125% 9/1/40</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>660,444</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>University of Arizona</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00%
6/1/39</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>561,135</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>University of
      California</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      AI 5.00% 5/15/32</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,180,730</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Wyoming Community</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Student Housing
    Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(CHF-Wyoming LLC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.50% 7/1/43</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>287,785</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>18,925,937</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Electric Revenue Bonds &#150; 3.31%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>JEA Electric System
      Revenue,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 10/1/33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,163,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Long Island Power
Authority,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.00% 9/1/39 (AGM)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>190,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>193,428</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00%
9/1/44</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>280,410</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Western Minnesota
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Power
      Agency</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 1/1/30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>594,640</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>2,231,798</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Healthcare Revenue Bonds &#150; 20.92%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Arizona Health Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Catholic Healthcare
      West)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series D 5.00%
7/1/28</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>550,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Butler County,
      Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Hospital Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Butler
      Health System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 7.125%
    7/1/29</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>535,527</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>City of Westminster,
    Maryland</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Lutheran Village
      Millers</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Grant Inc.) 6.00%
    7/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>535,495</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Colorado Health
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Healthcare Facilities
    -</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>American Baptist)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>8.00%
      8/1/43</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>330,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>396,729</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Duluth, Minnesota Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(St. Luke&#146;s Hospital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Obligation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Group) 5.75% 6/15/32</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>439,728</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Hawaii Pacific Health
      Special</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Purpose
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.50% 7/1/40</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>333,426</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Illinois Finance Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Silver Cross &amp;
      Medical</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Centers) 7.00%
    8/15/44</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>950,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,115,747</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Koyukuk, Alaska
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Tanana
      Chiefs Conference</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Health
      Care Facility Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.75%
      10/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>334,062</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face=Arial size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT face=Arial size=2>NQ-OV9 [12/14] 2/15 (13988) 3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Healthcare Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Louisiana Public
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Ochsner Clinic
      Foundation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 6.50%
    5/15/37</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>105,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>124,163</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Lycoming County,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pennsylvania
    Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Health System
Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Susquehanna Health</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>System Project) Series
    A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.50% 7/1/28</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>549,160</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Maine Health &amp;
      Higher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Educational
    Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Maine
      General Medical</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center)
      6.75% 7/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>344,040</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Maricopa County, Arizona</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Health
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Catholic Healthcare
      West)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 6.00%
7/1/39</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>569,135</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Monroe County,
      Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Hospital Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Pocono
      Medical Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 1/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>541,690</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Montgomery County,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pennsylvania
    Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Mortgage -
    Whitemarsh</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Continuing Care)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.25% 2/1/35</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>675,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>676,249</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Hampshire Health
      and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Education Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Dartmouth -
Hitchock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Medical
      Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.00%
      8/1/38</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>347,379</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New Jersey Health Care</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities Financing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Barnabas Health) Series
      A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 7/1/22</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>650,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>759,557</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(St. Peters
    University</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Hospital) 6.25%
    7/1/35</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>330,546</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Mexico
    Hospital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Equipment Loan
    Council</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Presbyterian
      Healthcare)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      8/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>548,915</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New York State Dormitory</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue
Non</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>State Supported Debt</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Orange Regional
    Medical</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center) 6.25%
12/1/37</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>552,115</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Orange County, Florida
      Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Mayflower
Retirement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/1/32</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>432,532</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/1/36</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>269,293</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.125%
      6/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>810,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Oregon State Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Peacehealth
Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00%
    11/15/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>583,825</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Palm Beach County
      Health</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facilities Authority,
      Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Sinai
      Residences Boca</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Raton
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.25%
      6/1/34</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>22,878</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.50%
      6/1/49</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>105,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>120,364</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>State of Ohio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Cleveland Clinic
      Health)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.50%
1/1/39</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>337,893</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>University of Medical
      Center,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tuscon,
      Arizona Hospital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.50%
      7/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>584,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>West Virginia Hospital
    Finance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Highland Hospital</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Obligation Group)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>9.125% 10/1/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>554,830</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Yavapai County,
      Arizona</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Yavapai Regional
      Medical</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center)
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      8/1/28</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>720,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>802,282</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>14,102,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Housing Revenue Bonds &#150; 2.52%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California Municipal
Finance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Mobile
Home</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Park Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Caritas Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.50%
    8/15/47</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>828,683</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 6.40%
    8/15/45</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>425,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>478,724</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>4 NQ-OV9 [12/14] 2/15 (13988)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=2 color=#b2b2b2>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Housing Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>City of Williston,
      Neveda</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Eagle
      Crest Apartments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 7.75%
9/1/38</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>255,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>270,290</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Florida HomeLoan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Homeowner Mortgage</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue) Series 2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.90% 7/1/29 (AMT)
      (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>120,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>120,792</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,698,489</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Lease Revenue Bonds &#150; 10.87%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>California State Public
      Works</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Board
      Lease Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Various Capital
      Projects)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 4/1/37</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,138,830</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California Statewide</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Communities
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Student
      Housing</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Lancer Plaza
    Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.625% 11/1/33</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,073,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Idaho State Building
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Health
      &amp; Welfare Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 9/1/24</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>135,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>166,359</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(State
      Police) Series I</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      9/1/23</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>760,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>922,039</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Minnesota State General</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue
    Appropriations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series B 5.00%
3/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,349,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Jersey
    Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(School
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Construction) Series
    EE</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      9/1/18</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>112,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New York City, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Agency</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Senior Trips) Series
    A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 7/1/28 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>275,503</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New York Liberty</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(World
      Trade Center</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) 144A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.375%
      11/15/40 #</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>725,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>781,731</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Public Finance Authority,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Wisconsin Airport
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(AFCO Investors II</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Portfolio) 5.75%
    10/1/31</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>505,085</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7,324,567</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Local General Obligation Bonds &#150; 0.85%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>City of New York, New
      York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A-1 5.25% 8/15/21</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>287,410</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      I-1 5.375% 4/1/36</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>286,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>574,010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Pre-Refunded Bonds &#150; 3.44%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Bay Area, California Toll</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Toll
Bridge</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(San Francisco Bay
    Area)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series F1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 4/1/34-18&#167;</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,132,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Brevard County,
      Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Health
      Facilities Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Health
      First Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.00%
      4/1/39-19&#167;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>350,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>431,242</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California State Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Recovery</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.25%
      7/1/21-19&#167;</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>165,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>195,263</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Gila County, Arizona
      Unified</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>School
      District No. 10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Payson
      School</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Improvement Project
    of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2006)
      Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25%
      7/1/27-17 (AMBAC)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>557,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>2,316,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Special Tax Revenue Bonds &#150; 19.05%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Anne Arundel County,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Maryland Special</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Obligation Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(National Business Park
      -</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>North Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.10% 7/1/40</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>214,302</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Brooklyn Arena
    Local</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development, New
York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pilot
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Barclays Center
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.25%
      7/15/40</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>940,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,110,300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.50%
      7/15/30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>357,888</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California State Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Recovery</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Unrefunded) Series
A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25% 7/1/21</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>95,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>111,328</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face=Arial size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT face=Arial size=2>NQ-OV9 [12/14] 2/15 (13988) 5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Special Tax Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>California
    Statewide</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Communities
    Development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Statewide Inland
      Regional</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center
      Project)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.375%
      12/1/37</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>531,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Celebration Pointe</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Community
Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>District, Florida</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 5/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>495,685</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Guam Government
      Business</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Privilege Tax
Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 1/1/22</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>775,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>897,907</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      B-1 5.00% 1/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>540,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>589,026</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Massachusetts Bay</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Transportation
    Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.25%
7/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>260,436</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Miami-Dade County,
      Florida</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Special
      Obligation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Capital Appreciation
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Income)
      Series B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      10/1/35 (NATL-RE)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,028,120</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Mosaic District, Virginia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Community
Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 6.875%
    3/1/36</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>520,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>602,690</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New Jersey
    Economic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/15/28</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>221,958</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/15/29</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>887,832</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(School
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Construction) Series
    AA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.50%
      12/15/29</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>900,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,004,112</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New York City, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Industrial
    Development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Agency Civic
Facility</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(YMCA of Greater New</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>York Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 8/1/36</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>595,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>607,001</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New York State
      Dormitory</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 3/15/33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,186,430</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(State
      Personal Income Tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue-Education)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 3/15/38</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>570,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>638,012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Northampton County,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pennsylvania
    Industrial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Route 33 Project)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.00% 7/1/32</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>230,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>252,285</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Peoria, Arizona
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development
Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Sales
      Tax &amp; Excise Shared</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Senior
      Lien &amp; Subordinate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Lien) 5.00% 1/1/18</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,085,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,211,413</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Regional Transportation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>District, Colorado
    Tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Denver Transit
      Partners)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.00% 1/15/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>562,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Wyandotte County,
      Kansas</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>City,
      Kansas Unified</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Government Special</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Obligation Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Capital Appreciation)
      Sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tax
      Subordinate Lien</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.07%
      6/1/21 ^</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>95,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>68,002</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>12,838,742</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=3><FONT face=Arial size=2>State General Obligation Bonds &#150; 3.90%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>California State</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25% 11/1/40</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>320,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>369,453</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Various Purposes)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 10/1/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>440,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>494,107</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 10/1/44</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>440,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>508,059</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.00% 4/1/38</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>105,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>126,086</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>State of New
York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 2/15/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>338,436</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>State of Oregon</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series K 5.00%
5/1/22</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>608,635</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>State of
    Washington</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Various Purposes)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      R-2010A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      1/1/17</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>170,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>184,974</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>2,629,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=3><FONT face=Arial size=2>Transportation Revenue Bonds &#150; 27.39%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Bay Area, California Toll</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(San Francisco Bay
    Area)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 4/1/27</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>894,720</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>6 NQ-OV9 [12/14] 2/15 (13988)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=2 color=#b2b2b2>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Transportation Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Central Texas
      Regional</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Mobility Authority
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Senior
      Lien 6.00% 1/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>520,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>605,701</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>City of Atlanta, Georgia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Department of
    Aviation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series B 5.00%
1/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,176,130</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>City of Chicago,
      Illinois</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>O&#146;Hare
      International</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Airport
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(General-Senior
Lien)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      D 5.25% 1/1/34</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,156,280</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Maryland State Economic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Transportation
      Facilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project) Series A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75% 6/1/35</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>255,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>276,142</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Metropolitan Transit
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>of
      Harris County, Texas</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 11/1/24</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>594,925</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Metropolitan Transportation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority, New York</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00%
    11/15/41</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>556,905</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Metropolitan Washington
      D.C.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Airports Authority
      Dulles</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Toll
      Road Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(First
      Senior Lien) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.25%
      10/1/44</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>245,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>275,341</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>New Jersey State Turnpike</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00%
1/1/27</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,168,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New York Liberty</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Development Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1
      World Trade Center Port</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Authority
    Construction)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      12/15/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>567,555</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>North Texas Tollway
    Authority</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Toll 2nd Tier) Series
    F</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75% 1/1/38</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,100,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,215,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>North Texas Tollway
      Authority</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Special
      Projects System</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 9/1/20</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>295,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Pennsylvania Turnpike</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Commission</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A-1 5.00%
    12/1/43</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>553,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Pennsylvania
      Turnpike</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Commission
    Subordinate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Special Motor
    License</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Foundation)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      12/1/22</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>583,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      B 5.00% 12/1/41</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>551,355</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Port Authority of Allegheny</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>County, Pennsylvania</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.75% 3/1/29</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>900,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,068,714</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Port Authority of New York
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New
      Jersey Special Project</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(JFK
      International Air</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Terminal)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.00%
      12/1/42</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>230,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>267,552</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.50%
      12/1/28</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>524,635</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>St. Louis, Missouri Airport</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Lambert St. Louis</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>International)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 7/1/32 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,074,640</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A-1 6.625%
    7/1/34</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>325,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>381,881</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>State of Oregon
      Department</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>of
      Transportation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 5.00% 11/15/26</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,222,970</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Texas Private Activity Bond</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Surface
    Transportation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporate Senior
Lien</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(LBJ Infrastructure)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.00% 6/30/40</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>285,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>344,414</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.50% 6/30/33</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>665,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>828,098</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Mobility Partners)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.50% 12/31/31</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>611,815</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(NTE Mobility
    Partners)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.75% 6/30/43 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>225,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>274,165</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.875% 12/31/39</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,185,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>7.00% 12/31/38 (AMT)</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>165,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>205,811</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>18,462,891</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Water &amp; Sewer Revenue Bonds &#150; 5.48%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>Atlanta, Georgia Water
      &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Wastewater Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series
      A 6.25% 11/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>950,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,119,641</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>County of Jefferson,
Alabama</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Sewer Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Sub Lien -
Warrants)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series D 6.50%
    10/1/53</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>574,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2>New York City Water &amp;
      Sewer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>System,
      New York</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(2nd
      Generation Fiscal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2013)
      Series CC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      6/15/47</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>345,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>389,726</FONT></TD></TR></TABLE><BR>
<P align=right><FONT face=Arial size=2 color=#808080>(continues)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT face=Arial size=2>NQ-OV9 [12/14] 2/15 (13988) 7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face=Arial size=2>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face=Arial size=2>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face=Arial size=2>Amount&#176;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=Arial size=2>(U.S. $)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Municipal
      Bonds </FONT></B><FONT face=Arial size=2>(continued)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" colSpan=3><FONT face=Arial size=2>Water &amp; Sewer Revenue Bonds (continued)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2>Phoenix, Arizona
      Civic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Improvement
    Wastewater</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Systems
      Revenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(Junior
      Lien) Series A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00%
      7/1/39</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>900,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,010,709</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>San Francisco, California City</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&amp; County Public
      Utilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Commission Water</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series F 5.00%
    11/1/27</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>595,735</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3,690,461</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" colSpan=2><B><FONT face=Arial size=2>Total Municipal Bonds</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>(cost $87,259,014)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=2>95,408,508</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="101%" colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0 colSpan=3><B><FONT face=Arial size=2>Total Value of Securities &#150; 141.55%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2>(cost
    $87,259,014)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=Arial size=2>$</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=Arial size=2>95,408,508</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" colSpan=2><B><FONT face=Arial size=2>Liquidation Value of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><B><FONT face=Arial size=2>Preferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><B><FONT face=Arial size=2>Stock &#150;
      (44.51%)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=2>(30,000,000</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=Arial size=2>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=2><B><FONT face=Arial size=2>Receivables and Other</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=Arial size=2>Assets Net of</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><B><FONT face=Arial size=2>Liabilities &#150; 2.96%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=Arial size=2>1,993,677</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" colSpan=2><B><FONT face=Arial size=2>Net Assets &#150; 100.00%</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=Arial size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=2>67,402,185</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%; border-right: White 8pt solid"><FONT face=Arial size=2>#</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Security exempt from registration
      under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31,
      2014, the aggregate value of Rule 144A securities was $926,979, which
      represents 1.38% of the Fund&#146;s net assets.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%; border-right: White 8pt solid"><FONT face=Arial size=2>&#176;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Principal amount shown is stated in
      U.S. dollars unless noted that the security is denominated in another
      currency.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%; border-right: White 8pt solid"><FONT face=Arial size=2>^</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Zero coupon security. The rate shown
      is the yield at the time of purchase.</FONT></P></TD></TR>
  <TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%; border-right: White 8pt solid"><FONT face=Arial size=2>&#167;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Pre-refunded bonds. Municipal bonds
      that are generally backed or secured by U.S. Treasury bonds. For
      pre-refunded bonds, the stated maturity is followed by the year in which
      the bond is pre-refunded.</FONT></P></TD></TR></TABLE>&nbsp;<BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face=Arial size=2>Summary of
      abbreviations:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>AGM &#150; Insured by Assured Guaranty
      Municipal Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>AMBAC &#150; Insured by AMBAC Assurance
      Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>AMT &#150; Subject to Alternative Minimum
      Tax</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>NATL-RE &#150; Insured by National Public
      Finance Guarantee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>8 NQ-OV9 [12/14] 2/15 (13988)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=6>Notes</FONT></P>
<P align=left><FONT face=Arial size=2>Delaware Investments<SUP>&#174;
</SUP></FONT><FONT face=Arial size=2>National Municipal Income Fund <BR>December 31, 2014 (Unaudited)</FONT></P>
<P align=left><B><FONT face=Arial size=2>1. Significant Accounting
Policies</FONT></B></P>
<P align=left><FONT face=Arial size=2>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 face=Arial size=2>Security Valuation </FONT></B><FONT face=Arial size=2>&#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 face=Arial size=2>2. Investments</FONT></B></P>
<P align=left><FONT face=Arial size=2>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 cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>Level
      1 &#150;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Inputs are quoted prices in active
      markets for identical investments. (Examples: equity securities, open-end
      investment companies, futures contracts, exchange-traded options
      contracts)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>Level
      2 &#150; </FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>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.
      (Examples: debt securities, government securities, swap contracts, foreign
      currency exchange contracts, foreign securities utilizing international
      fair value pricing, broker-quoted securities, fair valued
      securities)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>Level 3 &#150; </FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face=Arial size=2>Significant unobservable inputs,
      including the Fund&#146;s own assumptions used to determine the fair value of
      investments. (Examples: broker-quoted securities, fair valued
      securities)</FONT></P></TD></TR></TABLE>
<P align=left><FONT face=Arial size=2>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 face=Arial size=2>The following table summarizes the
valuation of the Fund&#146;s investments by fair value hierarchy levels as of Dec.
31, 2014:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face=Arial size=2>Level 2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=Arial size=2>Municipal Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>95,408,508</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>During the year ended Dec. 31, 2014, there
were no transfers between Level 1 investments, Level 2 investments, or Level 3
investments that had a material 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=right><FONT face=Arial size=2>NQ-OV9 [12/14] 2/15 (13988) 9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=6 color=#b2b2b2>Notes</FONT></P>
<P align=left><FONT face=Arial size=2 color=#b2b2b2>December 31, 2014 (Unaudited)</FONT></P>
<P align=left><B><FONT face=Arial size=2>3. Subsequent Events</FONT></B></P>
<P align=left><FONT face=Arial size=2>Management has determined that no material
events or transactions occurred subsequent to Dec. 31, 2014 that would require
recognition or disclosure in the Fund&#146;s &#147;Schedule of investments.&#148;</FONT></P>
<P align=left><FONT face=Arial size=2>10 NQ-OV9 [12/14] 2/15 (13988)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>



<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 24,
  2015</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 24,
  2015</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 STYLE="text-align: justify">&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 24,
  2015</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: justify"><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 24,
  2015</FONT></TD></TR>

    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<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 24,
  2015</FONT></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>



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