<SEC-DOCUMENT>0001206774-21-001560.txt : 20210604
<SEC-HEADER>0001206774-21-001560.hdr.sgml : 20210604
<ACCEPTANCE-DATETIME>20210604172001
ACCESSION NUMBER:		0001206774-21-001560
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210604
DATE AS OF CHANGE:		20210604
EFFECTIVENESS DATE:		20210604

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		21997446

	BUSINESS ADDRESS:	
		STREET 1:		100 INDEPENDENCE
		STREET 2:		610 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19106-2354
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		100 INDEPENDENCE
		STREET 2:		610 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19106-2354

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>mimnmif3904121-ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P align=center><B><FONT size=2 face="Times New Roman">Washington, D.C. 20549</FONT></B></P>

<P align=center><B><FONT size=2 face="Times New Roman">FORM N-CSR </FONT></B></P>

<P align=center><B><FONT size=2 face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES </FONT></B></P>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Investment Company Act file number:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">811-07410</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <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="49%" noWrap align=left><FONT size=2 face="Times New Roman">Delaware Investments<SUP>&#174; </SUP></FONT><FONT size=2 face="Times New Roman">National Municipal</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Income Fund</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Address of principal executive offices:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">610 Market Street</FONT></TD></TR>
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   <TD width="50%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA 19106</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Name and address of agent for service:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">David F. Connor, Esq.</FONT></TD></TR>
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   <TD width="50%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">610 Market Street</FONT></TD></TR>
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   <TD width="50%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA 19106</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Registrant&#8217;s telephone number, including area code:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">(800) 523-1918</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of fiscal year end:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">March 31</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of reporting period:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">March 31, 2021</FONT></TD></TR></TABLE>
   <BR>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman">Item 1. Reports to Stockholders</FONT></P>
<!-- main report -->
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   <TD STYLE="width: 100%; white-space: nowrap; text-align: center">
   <IMG border=0 src="mimcef3904121-ncsr1x1x1.jpg" style="width: 710px"></TD></TR>

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   <TD width="100%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="100%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="100%" noWrap align=right><B><FONT size=5 face=Arial>Annual report</FONT></B></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>Closed-end funds</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" noWrap align=left><FONT size=3 face=Arial>March 31, 2021</FONT></TD></TR>

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   <TD width="100%" noWrap align=left>&nbsp;<FONT size=3 face=Arial></FONT></TD></TR>

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   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

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   <TD STYLE="padding: 4pt; border: #000000 1pt solid; width: 100%; text-align: left">



   <P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial>Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund&#8217;s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.</FONT></I></P>





   <P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial>If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by logging into your Investor Center account at computershare.com/investor and going to &#8220;Communication Preferences&#8221; or by calling Computershare and speaking to a representative.</FONT></I></P>





   <P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial>You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 866 437-0252. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds by Macquarie or your financial intermediary.</FONT></I></P></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left>&nbsp;&nbsp;</TD></TR>

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   <TD width="100%" align=left>&nbsp;&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BACKGROUND-COLOR: #000000" width="100%" align=left>&nbsp;&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #000000" width="100%" align=left>&nbsp;</TD></TR></TABLE><BR>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><B><FONT size=6 face=Arial><A NAME="toc"></A>Table of contents</FONT></B></P>

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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Portfoliomanagementreview"><B><FONT size=2 face=Arial>Portfolio management review</FONT></B></A></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=right><A HREF="#Portfoliomanagementreview"><B><FONT size=2 face=Arial>1</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Performancesummaries"><B><FONT size=2 face=Arial>Performance summaries</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Performancesummaries"><B><FONT size=2 face=Arial>4</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Fundbasics"><B><FONT size=2 face=Arial>Fund basics</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Fundbasics"><B><FONT size=2 face=Arial>13</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>Security type / sector / state / territory allocations</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>14</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Schedulesofinvestments"><B><FONT size=2 face=Arial>Schedules of investments</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Schedulesofinvestments"><B><FONT size=2 face=Arial>16</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Statementsofassetsandliabilities"><B><FONT size=2 face=Arial>Statements of assets and liabilities</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Statementsofassetsandliabilities"><B><FONT size=2 face=Arial>40</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Statementsofoperations"><B><FONT size=2 face=Arial>Statements of operations</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Statementsofoperations"><B><FONT size=2 face=Arial>41</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Statementsofchangesinnetassets"><B><FONT size=2 face=Arial>Statements of changes in net assets</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Statementsofchangesinnetassets"><B><FONT size=2 face=Arial>42</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Statementsofcashflows"><B><FONT size=2 face=Arial>Statements of cash flows</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Statementsofcashflows"><B><FONT size=2 face=Arial>43</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Financialhighlights"><B><FONT size=2 face=Arial>Financial highlights</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Financialhighlights"><B><FONT size=2 face=Arial>44</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Notestofinancialstatements"><B><FONT size=2 face=Arial>Notes to financial statements</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Notestofinancialstatements"><B><FONT size=2 face=Arial>47</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Reportofindependentregisteredpublicaccountingfirm"><B><FONT size=2 face=Arial>Report of independent registered public accounting firm</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Reportofindependentregisteredpublicaccountingfirm"><B><FONT size=2 face=Arial>56</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#OtherFundinformation"><B><FONT size=2 face=Arial>Other Fund information</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#OtherFundinformation"><B><FONT size=2 face=Arial>57</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><A HREF="#Boardoftrusteesdirectorsandofficersaddendum"><B><FONT size=2 face=Arial>Board of trustees / directors and officers addendum</FONT></B></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Boardoftrusteesdirectorsandofficersaddendum"><B><FONT size=2 face=Arial>69</FONT></B></A></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><A HREF="#Abouttheorganization"><FONT size=2 face=Arial><B>About the organization</B></FONT></A></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=right><A HREF="#Abouttheorganization"><B><FONT size=2 face=Arial>75</FONT></B></A></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisors: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A. For more information, including press releases, please visit delawarefunds.com/closed-end.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Funds are governed by US laws and regulations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>All third-party marks cited are the property of their respective owners.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>&#169;2021 Macquarie Management Holdings, Inc.</FONT></P>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Portfoliomanagementreview"></A>Portfolio management review<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>April 6, 2021 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>Colorado Municipal Income Fund, Inc.</FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><B><FONT size=2 face=Arial>Performance preview (for the year ended March 31, 2021)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc. @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+10.82%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc. @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+10.83%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+17.04%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+8.08%</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=1 face=Arial>Past performance does not guarantee future results.<BR></FONT></B><B><FONT size=1 face=Arial>Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#8217;s shares, or changes in the Fund&#8217;s distribution rate.<BR></FONT></B><FONT size=1 face=Arial>For complete, annualized performance for Delaware Investments Colorado Municipal Income Fund, Inc., please see the table on page 4.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><B><FONT size=2 face=Arial>Performance preview (for the year ended March 31, 2021)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc. @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+9.99%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc. @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+7.54%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+17.04%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+8.08%</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=1 face=Arial>Past performance does not guarantee future results.<BR></FONT></B><B><FONT size=1 face=Arial>Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#8217;s shares, or changes in the Fund&#8217;s distribution rate.<BR></FONT></B><FONT size=1 face=Arial>For complete, annualized performance for Delaware Investments Minnesota Municipal Income Fund II, Inc., please see the table on page 7.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></B></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><B><FONT size=2 face=Arial>Performance preview (for the year ended March 31, 2021)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+12.11%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+13.20%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+17.37%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>1-year return</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>+12.19%</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=1 face=Arial>Past performance does not guarantee future results.<BR></FONT></B><B><FONT size=1 face=Arial>Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#8217;s shares, or changes in the Fund&#8217;s distribution rate.<BR></FONT></B><FONT size=1 face=Arial>For complete, annualized performance for Delaware Investments National Municipal Income Fund, please see the table on page 10.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Economic conditions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the fiscal year ended March 31, 2021, the US economy saw striking highs and lows. When this period began, worries about COVID-19 were mounting. State and local governments across the country temporarily locked down, while economic activity withered. In the second quarter of 2020, the nation&#8217;s gross domestic product (GDP) &#8211; a measure of national economic output &#8211; fell by an annualized 31.4%. It was the country&#8217;s biggest quarterly drop on record.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>States and municipalities gradually began reopening their economies in the second half of 2020. With aggressive action from the US Federal Reserve and federal government to try to ease the damage, the country&#8217;s economic situation improved.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In March 2020, prior to the start of the Funds&#8217; fiscal year, the Fed cut its benchmark short-term interest rate by a total of 1.50 percentage points, bringing the federal funds rate to essentially zero, where it remained throughout the fiscal year. Meanwhile, two massive federal economic stimulus and relief packages for businesses and individuals bookended the period. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic bill, had become law in</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>1</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Portfolio management review<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 2020. Nearly a year later came the passage of the $1.9 trillion American Rescue Plan Act.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Against this backdrop, the country&#8217;s GDP quickly, but only partially, rebounded. US GDP grew by 33.4% in the third quarter of 2020. In the fourth quarter, GDP rose an estimated 4.3%, as the country tried to maintain its economic momentum amid the pandemic. Investors widely expected economic recovery to continue in 2021 given widespread COVID-19 vaccinations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>US employment trends were similarly volatile. Just a month before the fiscal year began, in February 2020, US unemployment was just 3.5%, matching a more than 50-year low. Then, as the pandemic took hold and businesses shut down, the jobless rate soared, with the impact especially pronounced in the hospitality and travel industries. At the start of the Funds&#8217; fiscal year, US unemployment stood at 4.4%. Just one month later, the jobless rate reached 14.8%, the highest level seen since the Great Depression.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As economies reopened, however, unemployment again fell sharply, dropping to 6.9% by October and finishing the fiscal year at 6.0% &#8211; well below the April 2020 peak but still considerably higher than 12 months earlier.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Municipal bond market conditions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Overall, the municipal bond market, as measured by the Bloomberg Barclays Municipal Bond Index, returned 5.51% for the fiscal year ended March 31, 2021.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Three weeks before the start of this fiscal year, volatility in the municipal bond market had soared, as concern about the pandemic caused liquidity to dry up and required highly leveraged institutional investors to quickly sell bonds at low prices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Starting in April 2020, however, and generally continuing throughout the fiscal year, municipal bond market conditions meaningfully improved. Cheap bond valuations along with robust monetary and fiscal support led investors to conclude that state and local bond issuers were in better-than-expected financial shape, which lifted municipal bond prices throughout most of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the fiscal year, bonds with longer maturities outperformed their shorter-dated counterparts, while lower-rated bonds outpaced more highly rated issues. In the high yield market segment, bonds with credit ratings below investment grade (below BBB) enjoyed strong results. Lower-rated hospital bonds were a notable exception to this trend; they produced a positive return, but investors appeared to maintain some residual skepticism about the sector amid the pandemic.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The following tables show the returns experienced by municipal bonds of varying maturity lengths and credit ratings for the Funds&#8217; fiscal year ended March 31, 2021:</FONT></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>Returns by maturity</FONT></TD>

   <TD width="94%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>1 year</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1.91%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>3 years</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3.50%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>5 years</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>5.07%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>10 years</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>5.44%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>22+ years</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>7.02%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>Returns by credit rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>AAA</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3.91%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>AA</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>4.50%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>A</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>6.69%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="3%" noWrap align=left><FONT size=2 face=Arial>BBB</FONT></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>11.26%</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Source: Bloomberg.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>A consistent management approach</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For all three Funds discussed in this report, we continued to follow the same management strategy we use regardless of the market backdrop. We emphasize a bottom-up investment approach, meaning we rely on our team&#8217;s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Funds&#8217; shareholders what we view as an attractive trade-off between return opportunity and risk.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Pursuing this approach, we tend to maintain relatively less exposure to highly rated, lower yielding bonds. Instead, we prefer to overweight bonds with lower-investment-grade or below-investment-grade credit ratings and solid underlying credit quality, in our opinion. We prefer to own lower-rated issues because we believe they provide the Funds with greater opportunity to add long-term value for shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Therefore, to the extent possible, we continued to favor bonds with lower-investment-grade credit ratings (A and BBB) while also maintaining part of each Fund&#8217;s portfolio in high yield tax-exempt bonds (rated below BBB). When investing in the high yield market, we thoroughly analyze securities&#8217; credit risk and emphasize those bonds that we believe offer the Funds&#8217; shareholders a favorable risk-reward trade-off.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the fiscal year, and particularly early in the period, we focused on buying various lower-rated, longer-maturity bonds with depressed valuations following the municipal bond market&#8217;s sharp pandemic-related downturn. This included adding to existing holdings in Puerto Rico general obligation debt, which we found attractively valued, particularly given the commonwealth&#8217;s improving fiscal backdrop.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>2</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We also purchased bonds of senior-living facilities offering unusually attractive yields compared with the securities&#8217; credit risk, in our view, as well as longer-dated bonds with 10-year call dates, which allowed the Funds to capitalize on a steeper yield curve and supplied what we saw as an attractive total return opportunity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Reflecting available supply, we found it easier to add what we viewed as attractively valued lower-rated bonds in </FONT><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>National Municipal Income Fund </FONT></B><FONT size=2 face=Arial>and </FONT><B><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc. </FONT></B><FONT size=2 face=Arial>More limited availability of these types of bonds in the Minnesota marketplace meant we were less active with new purchases in </FONT><B><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We funded these purchases primarily by selling bonds with shorter call dates or those maturing in the next few years, consistent with our opinion of those bonds&#8217; more limited total-return prospects.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Our purchase activity was down in the second half of the fiscal year, as rallying municipal bond prices made compelling value opportunities somewhat harder to find. As vaccines were developed and lockdowns abated, and the municipal bond marketplace correspondingly improved, we were largely content to maintain the Funds&#8217; existing positions.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Individual performance effects</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Again, longer-duration bonds &#8211; those with more sensitivity to interest rates &#8211; generally outperformed shorter-duration bonds during the fiscal year, and lower-rated bonds outpaced higher-quality bonds. The Funds&#8217; strongest and weakest performers generally reflected these performance trends.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In </FONT><B><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund, </FONT></B><FONT size=2 face=Arial>for example, the Fund&#8217;s leading performers were Puerto Rico general obligation (GO) bonds. (Bonds issued by US territories are generally fully tax-exempt for US residents.) These bonds, with a credit rating below investment grade and a 2035 maturity date, generated a 43% total return for the Fund, benefiting from Puerto Rico&#8217;s improved credit quality and the securities&#8217; low valuation at the beginning of the fiscal year. Wisconsin Health and Educational Facilities Authority bonds for senior housing facilities of Covenant Living Communities (rated BBB- and maturing in 2053) also generated a strong total return for this Fund. The Fund further benefited from bonds for the expansion project of the McCormick Place convention center in </FONT><FONT size=2 face=Arial>Chicago (rated BBB and maturing in 2050) that rose off depressed levels from the Fund&#8217;s purchase price. These issues gained 28% and 26% for the Fund, respectively, for the fiscal year.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This Fund&#8217;s weakest individual performers were lower-quality bonds for retirement communities already facing financial challenges that the pandemic made worse. The Fund&#8217;s holdings in nonrated bonds for Tuscan Gardens of Venetian Bay in Venice, Fla., and a bond issue rated BBB+ for Texas senior-living facility owner Cardinal Bay struggled for the 12-month period, returning -21% and -15%, respectively.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In </FONT><B><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc., </FONT></B><FONT size=2 face=Arial>the Puerto Rico GO bonds we cited earlier for Delaware Investments National Municipal Income Fund were the Fund&#8217;s leading performers. Exposure to two strong-performing senior housing bonds also contributed to performance. These positions benefited from improved underlying credit quality, which allowed the securities to recover off depressed valuations. Namely, investments in bonds of Colorado Health Facilities Authority for Frasier Meadows Manor (+26%) and Capella of Grand Junction (+25%) both added value.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Meanwhile, the Fund&#8217;s weakest-performing position involved bonds for the Grand River Hospital District (-2%). These bonds, rated AA and due to mature in 2037, did not decline to the same extent as others during the market downturn, so they did not appreciate as much during the recovery. Another underperforming holding that still generated a positive return for the Fund was a bond issue for the Vail County Medical Center project (+3%). Like many healthcare issues, these bonds, rated A+ and maturing in 2035, were slower to recover than bonds in other sectors, as the pandemic still added an element of uncertainty to hospital finances.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Meanwhile, </FONT><B><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc. </FONT></B><FONT size=2 face=Arial>also benefited from a Puerto Rico GO bond issue, this one maturing in 2038 and generating a 36% total return for the Fund. Two charter school bonds with below-investment-grade credit ratings, Prairie Seeds Academy (+25%) and Academia Cesar Chavez (+23%), contributed to results as the issuers&#8217; underlying credit quality improved. In contrast, the Fund saw slight declines from holdings in bonds for the YMCA Association of the Greater Twin Cities (-0.3%) and RiverView Healthcare Association, a medical provider in Crookston (-0.2%).</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>3</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Performancesummaries"></A>Performance summaries<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.</FONT></B></P>
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<TR vAlign=bottom>
   <TD width="92%" noWrap align=left><B><FONT size=2 face=Arial>Fund performance</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
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   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Average annual total returns through March 31, 2021</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1 year</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>5 year</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>10 year</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Lifetime</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>At market price</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>+10.82%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>+3.20%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>+6.12%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>+5.06%*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>At net asset value</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+10.83%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+3.99%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+6.17%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+5.18%*</FONT></TD></TR></TABLE>
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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>The inception date of the performance shown is May 5, 1998. The Fund commenced operations on July 29, 1993.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer&#8217;s ability to make interest and principal payments on its debt.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund&#8217;s use of leverage may expose common shareholders to additional volatility, and cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings, funding dividend payments or funding redemptions), the Fund will pay additional fees with respect to the leverage.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund&#8217;s potential volatility.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund&#8217;s ability to achieve its investment objective and the value of the Fund&#8217;s investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard &amp; Poor&#8217;s, Moody&#8217;s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&amp;P, the rating is converted to the equivalent S&amp;P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>4</FONT></P>
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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Bloomberg Barclays Municipal Bond Index, mentioned on page 2, measures the total return performance of the long-term investment grade tax-exempt bond market.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Fund performance&#8221; table and the &#8220;Performance of a $10,000 investment&#8221; graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 6%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results. </FONT></B><BR>
<B><FONT size=2 face=Arial>Market price versus net asset value </FONT></B><FONT size=2 face=Arial>(see notes on next page) <BR>March 31, 2020 through March 31, 2021</FONT></P>
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<IMG border=0 src="mimcef3904121-ncsr2x3x1.jpg"></P>

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   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; border-top: Black 1pt solid"><FONT size=2 face=Arial>For period beginning March 31, 2020 through March 31, 2021</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid"><FONT size=2 face=Arial>Starting value</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid"><FONT size=2 face=Arial>Ending value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: left; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr2x3x2.jpg"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. @ NAV</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$14.32</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$15.26</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="padding-right: 1pt; vertical-align: middle; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">
   <IMG border=0 src="mimcef3904121-ncsr2x3x3.jpg"></TD>
   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. @ market price</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$13.27</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$14.14</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>5</FONT></P>
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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Performance summaries<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Performance of a $10,000 Investment<BR></FONT></B><FONT size=2 face=Arial>Average annual total returns from March 31, 2011 through March 31, 2021</FONT></P>
<p align=center><IMG border=0 src="mimcef3904121-ncsr2x4x1.jpg"> </p>

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<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>For period beginning March 31, 2011 through March 31, 2021</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial><FONT size=2 face=Arial>Starting value</FONT></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Ending value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: left; vertical-align: middle"><FONT size=2 face=Arial>
   <IMG border=0 src="mimcef3904121-ncsr2x4x2.jpg"></FONT></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ market price</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$18,309</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: left; vertical-align: middle"><IMG border=0 src="mimcef3904121-ncsr2x3x3.jpg"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. @ NAV</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$18,197</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: left; vertical-align: middle"><FONT size=2 face=Arial>
   <IMG border=0 src="mimcef3904121-ncsr2x4x3.jpg"></FONT></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. @ market price</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$18,107</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; padding-right: 1pt; text-align: left; vertical-align: middle">   <IMG border=0 src="mimcef3904121-ncsr2x3x2.jpg"></TD>
   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ NAV</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$17,699</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Performance of a $10,000 investment&#8221; graph assumes $10,000 invested in the Fund on March 31, 2011 and includes the reinvestment of all distributions at market value. The graph assumes $10,000 in the Lipper Closed-end Other States Municipal Debt Funds Average at market price and at NAV. Performance of the Fund and the Lipper class at market value is based on market performance during the period. Performance of the Fund and Lipper class at NAV is based on the fluctuations in NAV during the period. Delaware Investments Colorado Municipal Income Fund, Inc. was initially offered with a sales charge of 6%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Lipper Closed-end Other States Municipal Debt Funds Average compares closed-end funds that invest in municipal debt issues with dollar-weighted average maturities of 5-10 years and are exempt from taxation on a specified city or state basis (source: Lipper).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Market price is the price an investor would pay for shares of the Fund on the secondary market.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>NAV is the total value of one fund share, generally equal to a fund&#8217;s net assets divided by the number of shares outstanding.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>6</FONT></P>
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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial>Performance summaries<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.</FONT></B></P>

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<TR vAlign=bottom>

   <TD width="84%" noWrap align=left>



   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund performance</FONT></B></P></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="84%" noWrap align=left><FONT size=2 face=Arial>Average annual total returns through March 31, 2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>1 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>5 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>10 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>Lifetime</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>At market price</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+9.99%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+1.48%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+4.86%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+4.60%*</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="84%" noWrap align=left><FONT size=2 face=Arial>At net asset value</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+7.54%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+3.52%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+5.27%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+4.94%*</FONT></TD></TR></TABLE>

<BR>

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<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>The inception date of the performance shown is May 14, 1998. The Fund commenced operations on February 26, 1993.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer&#8217;s ability to make interest and principal payments on its debt.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund&#8217;s use of leverage may expose common shareholders to additional volatility, and cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings, funding dividend payments or funding redemptions), the Fund will pay additional fees with respect to the leverage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund&#8217;s potential volatility.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund&#8217;s ability to achieve its investment objective and the value of the Fund&#8217;s investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard &amp; Poor&#8217;s, Moody&#8217;s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&amp;P, the rating is converted to the equivalent S&amp;P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>7</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Performance summaries<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Bloomberg Barclays Municipal Bond Index, mentioned on page 2, measures the total return performance of the long-term investment grade tax-exempt bond market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Fund performance&#8221; table and the &#8220;Performance of a $10,000 investment&#8221; graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 7%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.<BR>Market price versus net asset value </FONT></B><FONT size=2 face=Arial>(see notes on next page)<BR>March 31, 2020 through March 31, 2021</FONT></P>

<P style="TEXT-ALIGN: center">
<IMG border=0 src="mimcef3904121-ncsr3x2x1.jpg"> </P>

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



<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1pt solid" width="92%" colSpan=2 align=left><FONT size=2 face=Arial>For period beginning March 31, 2020 through March 31, 2021 </FONT></TD>

   <TD style="BORDER-TOP: #000000 1pt solid" width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>Starting value</FONT></TD>

   <TD style="BORDER-TOP: #000000 1pt solid" width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1pt solid" width="3%" noWrap align=left><FONT size=2 face=Arial>Ending value</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 1%; padding-right: 1pt; text-align: center; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x2x2.jpg"></TD>

   <TD width="91%" align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc. @ NAV</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$14.31</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$14.92</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 1%; padding-right: 1pt; text-align: center; border-bottom: #000000 1pt solid; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x2x3.jpg"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="91%" align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc. @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>$12.37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>$13.19</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>8</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Performance of a $10,000 Investment<BR></FONT></B><FONT size=2 face=Arial>Average annual total returns from March 31, 2011 through March 31, 2021</FONT></P>

<P style="TEXT-ALIGN: center">
<IMG border=0 src="mimcef3904121-ncsr3x3x1.jpg"></P>

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<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>For period beginning March 31, 2011 through March 31, 2021</FONT></TD>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>Starting value</FONT></TD>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>Ending value</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: center; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x3x2.jpg"></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ market price</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$10,000</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$18,309</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: center; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x2x2.jpg"></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end Other States Municipal Debt Funds Average @ NAV</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$10,000</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$17,699</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: center; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x2x3.jpg"></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc. @ NAV</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$10,000</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>$16,719</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 1pt; text-align: center; border-bottom: #000000 1pt solid; vertical-align: middle">
   <IMG border=0 src="mimcef3904121-ncsr3x3x3.jpg"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc. @ market price</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>$10,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>$16,071</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Performance of a $10,000 investment&#8221; graph assumes $10,000 invested in the Fund on March 31, 2011 and includes the reinvestment of all distributions at market value. The graph assumes $10,000 in the Lipper Closed-end Other States Municipal Debt Funds Average at market price and at NAV. Performance of the Fund and the Lipper class at market value is based on market performance during the period. Performance of the Fund and Lipper class at NAV is based on the fluctuations in NAV during the period. Delaware Investments Minnesota Municipal Income Fund II, Inc. was initially offered with a sales charge of 7%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Lipper Closed-end Other States Municipal Debt Funds Average compares closed-end funds that invest in municipal debt issues with dollar-weighted average maturities of 5-10 years and are exempt from taxation on a specified city or state basis (source: Lipper).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Market price is the price an investor would pay for shares of the Fund on the secondary market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>NAV is the total value of one fund share, generally equal to a fund&#8217;s net assets divided by the number of shares outstanding.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>9</FONT></P>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial>Performance summaries<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.</FONT></B></P>

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



<TR vAlign=bottom>

   <TD width="84%" noWrap align=left><B><FONT size=2 face=Arial>Fund performance</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="84%" noWrap align=left><FONT size=2 face=Arial>Average annual total returns through March 31, 2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>1 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>5 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>10 year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>Lifetime</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>At market price</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+12.11%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+3.81%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+5.86%</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face=Arial>+4.86%*</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="84%" noWrap align=left><FONT size=2 face=Arial>At net asset value</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+13.20%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+4.61%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+6.81%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><FONT size=2 face=Arial>+5.18%*</FONT></TD></TR></TABLE>

<BR>

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<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>The inception date of the performance shown is May 14, 1998. The Fund commenced operations on February 26, 1993.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer&#8217;s ability to make interest and principal payments on its debt.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund&#8217;s use of leverage may expose common shareholders to additional volatility, and cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings, funding dividend payments or funding redemptions), the Fund will pay additional fees with respect to the leverage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund&#8217;s potential volatility.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund&#8217;s ability to achieve its investment objective and the value of the Fund&#8217;s investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard &amp; Poor&#8217;s, Moody&#8217;s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&amp;P, the rating is converted to the equivalent S&amp;P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>10</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Bloomberg Barclays Municipal Bond Index, mentioned on page 2, measures the total return performance of the long-term investment grade tax-exempt bond market.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Fund performance&#8221; table and the &#8220;Performance of a $10,000 investment&#8221; graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 7%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.<BR>
Market price versus net asset value </FONT></B><FONT size=2 face=Arial>(see notes on next page)<BR></FONT><FONT size=2 face=Arial>March 31, 2020 through March 31, 2021</FONT></P>
<p align=center><IMG border=0 src="mimcef3904121-ncsr4x1x1.jpg"></p>

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

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; border-top: Black 1pt solid"><FONT size=2 face=Arial>For period beginning March 31, 2020 through March 31, 2021</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid"></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid"><FONT size=2 face=Arial>Starting value</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid"></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid"><FONT size=2 face=Arial><FONT size=2 face=Arial>Ending value</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: center; padding-right: 1pt">
   <IMG BORDER="0" SRC="mimcef3904121-ncsr2x3x2.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund @ NAV</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$13.71</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$14.84</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; padding-right: 1pt; width: 1%; white-space: nowrap; text-align: center">
   <IMG border=0 src="mimcef3904121-ncsr2x3x3.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund @ market price</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$12.24</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$13.12</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>11</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Performance summaries<BR></FONT><FONT size=2  color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Performance of a $10,000 Investment<BR></FONT></B><FONT size=2 face=Arial>Average annual total returns from March 31, 2011 through March 31, 2021</FONT></P>
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<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>For period beginning March 31, 2011 through March 31, 2021</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Starting value</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Ending value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: center; padding-right: 1pt"><IMG BORDER="0" SRC="mimcef3904121-ncsr2x3x2.jpg"STYLE="width: 22px; height: 5px"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$20,905</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: center; padding-right: 1pt"><IMG BORDER="0" SRC="mimcef3904121-ncsr2x4x2.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$20,448</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: center; padding-right: 1pt"><IMG border=0 src="mimcef3904121-ncsr2x3x3.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund @ NAV</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$19,323</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 1%; white-space: nowrap; text-align: center; padding-right: 1pt"><IMG BORDER="0" SRC="mimcef3904121-ncsr2x4x3.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund @ market price</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$10,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$17,671</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The &#8220;Performance of a $10,000 investment&#8221; graph assumes $10,000 invested in the Fund on March 31, 2011 and includes the reinvestment of all distributions at market value. The graph assumes $10,000 in the Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) at market price and at NAV. Performance of the Fund and the Lipper class at market value is based on market performance during the period. Performance of the Fund and Lipper class at NAV is based on the fluctuations in NAV during the period. Delaware Investments National Municipal Income Fund was initially offered with a sales charge of 7%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) compares closed-end funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. These funds can be leveraged via use of debt, preferred equity, and/or reverse purchase agreements (source: Lipper).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Market price is the price an investor would pay for shares of the Fund on the secondary market.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>NAV is the total value of one fund share, generally equal to a fund&#8217;s net assets divided by the number of shares outstanding.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Past performance is not a guarantee of future results.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>12</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Fundbasics"></A>Fund basics</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As of March 31, 2021 (Unaudited)</FONT></P>
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<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments<SUP>&#174;</SUP><BR>Colorado Municipal Income Fund, Inc.</FONT></B></p>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund objective</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to provide current income exempt from both regular federal income tax and Colorado state income tax, consistent with the preservation of capital.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Total Fund net assets</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>$74 million</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Number of holdings</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>130</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund start date</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>July 29, 1993</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>NYSE American Symbol</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>VCF</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>CUSIP number</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>246101109</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174;</SUP></FONT></B><BR>
<B><FONT size=2 face=Arial>Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund objective</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota state personal income tax, consistent with the preservation of capital.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Total Fund net assets</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>$172 million</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Number of holdings</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>209</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund start date</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>February 26, 1993</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>NYSE American Symbol</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>VMM</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>CUSIP number</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>24610V103</FONT></P> </TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="vertical-align: top; width: 50%; text-align: left">
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>National Municipal Income Fund</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund objective</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Total Fund net assets</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>$67 million</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Number of holdings</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>171</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund start date</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>February 26, 1993</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>NYSE American Symbol</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>VFL</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>CUSIP number</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>24610T108</FONT></P> </TD></TR>
</TABLE>

<P STYLE="text-align: right"><FONT size=2 face=Arial>13</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Securitytypesectorstateterritoryallocations"></A>Security type / sector / state / territory allocations</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As of March 31, 2021 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Sector designations may be different than the sector designations presented in other Fund materials.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174;<BR></SUP></FONT></B><B><FONT size=2 face=Arial>Colorado Municipal Income Fund, Inc.</FONT></B></P>
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<TR vAlign=bottom>
   <TD width="97%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT> </TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Security type / sector</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds*</FONT></B></TD>
   <TD width="1%" noWrap align=left><B></B></TD>
   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>139.21%</FONT></B></TD>
   <TD width="1%" noWrap align=right><B></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.46%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Education Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19.69%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Electric Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.81%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>33.67%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.20%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>18.05%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.96%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>18.80%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>State General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.79%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.41%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>6.37%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>139.21%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Liquidation Value of Preferred**</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>(40.64%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Receivables and Other Assets Net of</FONT></B></TD>
   <TD width="1%" noWrap align=left><B></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Net Assets</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>100.00%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR></TABLE>
 <BR>

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

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>
   <TD vAlign=top width="99%" align=left><I><FONT size=1 face=Arial>As of the date of this report, Delaware Investments</FONT></I><I><FONT size=1 face=Arial><SUP>&#174; </SUP></FONT></I><I><FONT size=1 face=Arial>Colorado Municipal Income Fund, Inc. held bonds issued by or on behalf of territories and the states of the US as follows:</FONT></I></TD></TR></TABLE>
 <BR>

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

<TR vAlign=bottom>
   <TD width="98%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>State / territory</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Colorado</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>121.70%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Guam</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.96%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Puerto Rico</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.55%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>139.21%</FONT></B></TD></TR></TABLE>
 <BR>
<TABLE style="LINE-HEIGHT:normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>**</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>More information regarding the Fund&#8217;s use of preferred shares as leverage is included in Note 6 in &#8220;Notes to financial statements.&#8221; The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174;<BR></SUP></FONT></B><B><FONT size=2 face=Arial>Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="97%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT> </TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Security type / sector</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds*</FONT></B></TD>
   <TD width="1%" noWrap align=left><B></B></TD>
   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>141.79%</FONT></B></TD>
   <TD width="1%" noWrap align=right><B></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.03%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Education Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>23.10%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Electric Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.83%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>38.69%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Housing Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.05%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>8.75%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.78%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>16.65%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.28%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>State General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>8.15%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.35%</FONT></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3.13%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>141.79%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Liquidation Value of Preferred**</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43.70%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Receivables and Other Assets Net of</FONT></B></TD>
   <TD width="1%" noWrap align=left><B></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>1.91%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Net Assets</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>100.00%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B></B></TD></TR></TABLE>
 <BR>

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

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>
   <TD vAlign=top width="99%" align=left><I><FONT size=1 face=Arial>As of the date of this report, Delaware Investments</FONT></I><I><FONT size=1 face=Arial><SUP>&#174; </SUP></FONT></I><I><FONT size=1 face=Arial>Minnesota Municipal Income Fund II, Inc. held bonds issued by or on behalf of territories and the states of the US as follows:</FONT></I></TD></TR></TABLE>
 <BR>

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

<TR vAlign=bottom>
   <TD width="98%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>State / territory</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Guam</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.66%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Minnesota</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>136.66%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Puerto Rico</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>141.79%</FONT></B></TD></TR></TABLE>
 <BR>
<TABLE style="LINE-HEIGHT:normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>**</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>More information regarding the Fund&#8217;s use of preferred shares as leverage is included in Note 6 in &#8220;Notes to financial statements.&#8221; The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>14</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 05 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174;<BR></SUP></FONT></B><B><FONT size=2 face=Arial>National Municipal Income Fund</FONT></B></P>

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



<TR vAlign=bottom>

   <TD width="97%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Security type / sector</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds*</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.96</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>%</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bond</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.52</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Education Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19.02</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Electric Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.04</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>32.82</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.46</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.84</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.97</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.95</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>State General Obligation Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12.62</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>24.14</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2.00</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>142.96</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>%</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Liquidation Value of Preferred**</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>(44.65</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>%)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Receivables and Other Assets Net of</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>1.69</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>%</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Net Assets</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>100.00</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>%</FONT></B></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>

   <TD vAlign=top width="99%" align=left><I><FONT size=1 face=Arial>As of the date of this report, Delaware Investments</FONT></I><I><FONT size=1 face=Arial><SUP>&#174; </SUP></FONT></I><I><FONT size=1 face=Arial>National Municipal Income Fund held bonds issued by or on behalf of territories and the states of the US as follows:</FONT></I></TD></TR></TABLE><BR>

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



<TR vAlign=bottom>

   <TD width="97%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>State / territory</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Alabama</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.78</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Arizona</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.24</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>California</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>16.85</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.09</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>District of Columbia</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.85</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.15</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Georgia</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.92</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Guam</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.83</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Idaho</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.41</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Illinois</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.95</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Indiana</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.89</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Kansas</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.33</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Louisiana</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.25</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Maryland</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.21</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Massachusetts</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.85</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Michigan</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.71</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Missouri</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.58</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Montana</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.08</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Nebraska</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.46</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>New Jersey</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10.55</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>New York</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.68</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>North Carolina</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.11</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Ohio</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.99</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Oregon</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.83</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>11.10</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Puerto Rico</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.88</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Texas</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.74</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Utah</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.11</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Virginia</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.40</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Washington</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.81</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Wisconsin</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.95</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Wyoming</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>0.38</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>142.96</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>%</FONT></B></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>**</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>More information regarding the Fund&#8217;s use of preferred shares as leverage is included in Note 6 in &#8220;Notes to financial statements.&#8221; The Fund utilizes preferred shares as leverage in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its a higher return or its investment objectives through the use of such leverage.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>15</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Schedulesofinvestments"></A>Schedules of investments <BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021</FONT></P>

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   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 92%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 92%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"><B></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"><B></B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 95%; text-align: left"><B></B><B></B><B></B><B><FONT size=2 face=Arial>Municipal Bonds &ndash; 139.21%</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial>Corporate Revenue Bonds &ndash; 6.46%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Denver City &amp; County</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(United Airlines</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>10/1/32 (AMT)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>215,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>228,855</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Public Authority for</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Colorado Energy</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Natural Gas Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>6.50% 11/15/38</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,457,890</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Public Authority for</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Colorado Energy</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>6.25% 11/15/28</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>865,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,082,824</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,769,569</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left"><FONT size=2 face=Arial>Education Revenue Bonds &ndash; 19.69%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Board of Trustees For</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Colorado Mesa</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>University Enterprise</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>5/15/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>927,427</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Colorado Educational &amp;</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Cultural Facilities</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>144A 5.00% 7/1/36 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>540,745</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>5.125% 11/1/49</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>765,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>817,984</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>144A 5.25% 7/1/46 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>538,450</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Alexander Dawson</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School-Nevada</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 5/15/29</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>760,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>895,128</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Charter School -</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Atlas Preparatory</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>144A 5.25%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>4/1/45 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>723,352</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Charter School -</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Community</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Leadership</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Academy)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>7.45% 8/1/48</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>553,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Charter School - Peak</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>to Peak Charter)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 8/15/34</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,112,790</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Global Village</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Academy -</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Northglenn Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>144A 5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>12/1/50 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>475,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>502,944</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Improvement -</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Charter School -</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>University Lab</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School Building)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 12/15/45</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>541,490</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Johnson &amp; Wales</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>University)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Series A 5.25%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>4/1/37</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>967,941</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Liberty Charter</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>1/15/44</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,069,900</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Littleton Charter</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>4.375%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>1/15/36 (AGC)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,200,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,201,368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Loveland Classical</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Schools)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>144A 5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>7/1/36 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>625,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>684,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Science Technology</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Engineering and</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Math (Stem)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 11/1/54</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>744,506</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Skyview Charter</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>School)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>144A 5.50%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>7/1/49 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>802,388</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Vail Mountain School</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>4.00% 5/1/46</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>25,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>25,019</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Vega Collegiate</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Academy Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series A</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>144A 5.00% 2/1/34 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>111,924</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series A</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>144A 5.00% 2/1/51 #</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>978,408</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Windsor Charter</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Academy Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 9/1/46</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>503,710</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Colorado School of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Mines</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>12/1/42</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>270,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>289,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>14,532,749</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>16</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<BR>

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



<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 92%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left; border-bottom: Black 1pt solid"><B></B><B></B><B></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Electric Revenue Bonds &ndash; 5.81%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>City of Fort Collins</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Electric Utility</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Enterprise Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/42</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>610,860</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>City of Loveland</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Colorado Electric &amp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Communications</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Enterprise Revenue</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/44</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,060,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,287,730</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Puerto Rico Electric</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Power Authority</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.05% 7/1/42 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>75,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>68,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series AAA 5.25% 7/1/25 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>40,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>36,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series CCC 5.25% 7/1/27 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>335,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>304,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 5.00% 7/1/28 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>325,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>294,937</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 5.25% 7/1/33 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>95,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>86,450</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 5.50% 7/1/17 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>210,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>188,213</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 5.50% 7/1/19 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>160,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>144,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 4.75% 7/1/26 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>45,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>40,669</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 5.25% 7/1/40 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>825,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 5.75% 7/1/36 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>155,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>141,825</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series ZZ 4.75% 7/1/27 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>35,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>31,631</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series ZZ 5.00% 7/1/19 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>280,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series ZZ 5.25% 7/1/24 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>55,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>50,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4,287,578</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Healthcare Revenue Bonds &ndash; 33.67%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Colorado Health</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(AdventHealth</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Obligated Group)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>11/15/43</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,157,690</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Adventist Health</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>System/Sunbelt</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Obligated Group)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>11/15/48</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,206,920</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Bethesda Project)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A1 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>9/15/48</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>823,665</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Boulder Community</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Health Project)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>4.00% 10/1/38</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>287,963</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>4.00% 10/1/39</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>287,168</FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Boulder Community</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Health Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 10/1/40</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>280,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>320,740</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Cappella of Grand</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Junction Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>144A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>12/1/54 #</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>945,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>952,201</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Christian Living</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Community</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>6.375% 1/1/41</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>615,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>630,473</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(CommonSpirit</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Health)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.00% 8/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>550,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>624,173</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-2 4.00% 8/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,657,515</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-2 5.00% 8/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,846,455</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-2 5.00% 8/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,820,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Covenant Living</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Communities and</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Services)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>12/1/40</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>837,038</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Covenant Retirement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Communities Inc.)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/1/35</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,108,730</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Frasier Meadows</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Retirement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Community</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5/15/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>340,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>356,575</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Healthcare Facilities -</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>American Baptist)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>8.00% 8/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>532,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Mental Health Center</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>of Denver Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>2/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,605,285</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(National Jewish</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Health Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 1/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>512,445</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Sanford Health)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>11/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,864,830</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(SCL Health System)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/37</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>575,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>676,028</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/38</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,950,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,285,575</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>465,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>543,418</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>17</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments</FONT><BR><FONT size=2 color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>

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



<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center><B></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 92%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left; border-bottom: Black 1pt solid"><B></B><B></B><B></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Colorado Health</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Sunny Vista Living</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Center)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 6.25%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/50 #</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>505,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>519,281</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Vail Valley Medical</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Center Project)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 1/15/35</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,458,112</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Valley View Hospital</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Association</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5/15/34</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>330,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>366,280</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Denver Health &amp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Hospital Authority</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Health Care Revenue</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/40</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>567,530</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>24,849,065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Lease Revenue Bonds &ndash; 2.20%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Denver Health &amp;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Hospital Authority</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(550 ACOMA, Inc.)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 12/1/38</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>568,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>State of Colorado</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Department of</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Transportation</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Certificates of</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Participation</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.00% 6/15/34</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>340,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>406,225</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.00% 6/15/36</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>545,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>648,725</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,623,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Local General Obligation Bonds &ndash; 18.05%</FONT></TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Adams &amp; Weld Counties</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>School District No 27J</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Brighton</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 12/1/30</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>792,876</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Arapahoe County School</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>District No. 6 Littleton</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 5.50%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/38</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>650,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>849,232</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Beacon Point</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/30 (AGM)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>714,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Boulder Valley School</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>District No RE-</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>2 Boulder</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/48</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>577,810</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Denver City &amp; County</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8/1/30</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,696,320</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Grand River Hospital</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>District</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.25%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/37 (AGM)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>675,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>782,467</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Jefferson County School</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. R-1</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 12/15/24</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>883,447</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Sierra Ridge</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>No. 2</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 5.50%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/46</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>520,605</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Verve Metropolitan</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No 1</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/51</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,064,340</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Weld County School</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>District No. RE-1</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/15/30 (AGM)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>611,380</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Weld County School</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. RE-</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>2 Eaton</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 2 5.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/44</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,579,150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Weld County School</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>District No. RE-3J</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/15/34 (BAM)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,211,030</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Weld County School</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. RE-8</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/31</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>510,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>626,479</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/32</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>340,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>417,231</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>13,326,367</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>18</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 06 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 89%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds &#8211; 14.96%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Covenant Retirement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communities Inc.)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/36-23&nbsp;&#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,146,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Evangelical Lutheran</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Good Samaritan</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Society)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/1/28-23&nbsp;&#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,378,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.50% 6/1/33-23&nbsp;&#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,227,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.625% 6/1/43-23&nbsp;&#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,116,390</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado School of</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Mines</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/42-22&nbsp;&#167;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,115,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,203,208</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Denver City &amp; County</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airport System</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/37-22&nbsp;&#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,700,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,832,328</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Eaton Area Park &amp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Recreation District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>5.25% 12/1/34-22&nbsp;&#167;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>205,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>5.50% 12/1/38-22&nbsp;&#167;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>245,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>266,193</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pueblo County</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Certificates of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Participation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(County Judicial</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complex Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/42-22 (AGM) &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,337,437</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tallyn&#8217;s Reach</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>No. 3</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Limited Tax</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/38-23&nbsp;&#167;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>295,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>330,279</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>11,043,635</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds &#8211; 18.80%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Platte Valley</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>375,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>396,210</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commerce City</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/44&nbsp;(AGM)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,123,760</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Fountain Urban Renewal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Tax</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Increment Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Academy Highlands</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>655,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>693,134</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Guam Government</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Business Privilege Tax</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.125% 1/1/42</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>435,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>448,576</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 1/1/36</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>565,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>583,142</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Lincoln Park</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/46&nbsp;(AGM)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>594,690</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Prairie Center</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>No. 3</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 144A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/41&nbsp;#</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>537,215</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Sales Tax</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Restructured)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 4.55% 7/1/40</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,086,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 4.75% 7/1/53</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,560,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,786,304</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 5.00% 7/1/58</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,110,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,225,085</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-2 4.784% 7/1/58</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,100,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,193,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Regional Transportation</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>District Sales Tax</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(FasTracks Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 11/1/30</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>330,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>400,284</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 11/1/31</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>755,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>914,433</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Solaris Metropolitan</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. 3</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Limited Tax</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>523,460</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Southlands Metropolitan</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>District No. 1</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A1 5.00% 12/1/37</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>200,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>226,428</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A1 5.00% 12/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>300,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>334,218</FONT></TD></TR></TABLE>


<P STYLE="text-align: right"><FONT size=2 face=Arial>19</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Schedules of investments<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 89%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Thornton Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(East 144th Avenue &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>I-25 Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 12/1/35</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>265,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>304,106</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 12/1/36</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>440,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>504,077</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>13,874,482</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>State General Obligation Bonds &#8211; 3.79%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commonwealth of</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Puerto Rico</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(General Obligation</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Bonds)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 7/1/41&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>305,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>247,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.375% 7/1/33&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>305,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>266,494</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.50% 7/1/39&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,350,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,134,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 8.00% 7/1/35&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>535,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>421,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 5.75% 7/1/38&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>440,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>380,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series C 6.00% 7/1/39&nbsp;&#8225;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>400,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>348,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,797,456</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Transportation Revenue Bonds &#8211; 9.41%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado High</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Performance</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Transportation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Enterprise Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(C-470 Express Lanes)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/31/56</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,126,670</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Senior U.S. 36 &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I-25 Managed</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lanes)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/44&nbsp;(AMT)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,110,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,197,024</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Denver City &amp; County</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Airport System</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/29 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>270,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>339,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 11/15/30 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>916,327</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/48 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,190,180</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>E-470 Public Highway</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>310,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>402,501</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Regional Transportation</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Denver Transit</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Eagle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P3 Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/35</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,774,470</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>6,946,797</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds &#8211; 6.37%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Arapahoe County Water</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&amp; Wastewater</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,493,112</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Weld County</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Water District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>4.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/40 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>586,340</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Dominion Water &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Sanitation District,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Colorado</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6.00% 12/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>245,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>256,145</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Guam Government</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Waterworks Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>5.00% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>360,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>415,145</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metro Wastewater</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Reclamation District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/33</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>657,095</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Morgan County Quality</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Water District</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>4.00% 12/1/45 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>869,955</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>4.00% 12/1/50 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>365,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>421,670</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4,699,462</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Municipal Bonds</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $95,976,205)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>102,750,730</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Value of Securities&#8211;139.21%</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $95,976,205)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>102,750,730</FONT></B></TD></TR></TABLE>

<BR>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-bottom: 4pt; padding-right: 4pt; width: 1%; vertical-align: top; text-align: left"><FONT size=2 face=Arial>&#176;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Principal amount shown is stated in USD unless noted that the security is denominated in another currency.</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-right: 4pt; width: 1%; vertical-align: top; text-align: left"><FONT size=2 face=Arial>#</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $6,891,108, which represents 9.34% of the Fund&#8217;s net assets. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>20</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>




<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-bottom: 4pt; padding-right: 4pt; width: 1%; vertical-align: top; text-align: left"><FONT size=2 face=Arial>&#8225;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Non-income producing security. Security is currently in default.</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-right: 4pt; width: 1%; vertical-align: top; text-align: left"><FONT size=2 face=Arial>&#167;</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR></TABLE></DIV>
<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><B><FONT size=2 face=Arial>Summary of abbreviations:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>AGC &#8211; Insured by Assured Guaranty Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>AGM &#8211; Insured by Assured Guaranty Municipal Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>AMT &#8211; Subject to Alternative Minimum Tax</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>BAM &#8211; Insured by Build America Mutual Assurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>USD &#8211; US Dollar</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>21</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Schedules of investments</FONT><BR><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 93%; text-align: left"></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 93%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds &#8211; 141.79%</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporate Revenue Bonds &#8211; 2.03%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Community</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Planning &amp; Economic</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Department</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Limited Tax</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supported</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Bond</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.25%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/30</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,009,190</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Port Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Solid Waste Disposal</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Gerdau St. Paul Steel</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mill Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 7</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/37 (AMT) #</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,415,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,470,521</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3,479,711</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; text-align: left">





   <P align=left><FONT size=2 face=Arial>Education Revenue Bonds &#8211; 23.10%</FONT></P></TD>

   <TD width="1%" noWrap align=left>

   </TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Bethel Charter School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Lease Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Spectrum High</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.375%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/52</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,100,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,167,320</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Brooklyn Park Charter</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Prairie Seeds</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Academy Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 3/1/34</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>990,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,029,055</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 3/1/39</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>170,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>175,338</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Cologne Charter School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Lease Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Cologne Academy</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/29</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>270,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>291,740</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/45</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>445,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>469,435</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Deephaven Charter</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Eagle Ridge Academy</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 7/1/37</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>590,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>652,092</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>550,090</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth Housing &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Duluth Public Schools</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,200,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,304,412</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Forest Lake Minnesota</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Charter School</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Lake International</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Language Academy)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.375% 8/1/50</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>915,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,035,130</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.75% 8/1/44</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>705,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>745,460</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hugo Charter School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Lease Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Noble Academy</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>255,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>269,726</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>775,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>809,774</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Charter</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Hiawatha Academies</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 7/1/36</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>797,055</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 7/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>949,635</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Student</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Riverton Community</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 8/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>205,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>215,754</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.50% 8/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>990,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,041,342</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Higher</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Education Facilities</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Bethel University)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,339,912</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Carleton College)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 3/1/36</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>485,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>547,827</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 3/1/44</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>905,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,081,828</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(College of St.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benedict)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/1/36</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>410,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>444,817</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Gustavus Adolphus</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 10/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,600,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,003,676</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Macalester College)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 3/1/42</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>994,923</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 3/1/48</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>659,280</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>22</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 07 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


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

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: Silver; width: 95%; border-bottom: Black 1pt solid; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="5" STYLE="width: 97%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Education Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Higher</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Education Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Catherine</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>University)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 10/1/38</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>920,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,018,578</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 10/1/45</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>785,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>922,768</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Johns University)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 8-I 5.00% 10/1/31</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>235,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>272,541</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 8-I 5.00% 10/1/34</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>35,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>40,336</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Olaf College)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 10/1/46</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,166,530</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 8-N 4.00% 10/1/35</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>590,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>663,579</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Trustees Of The</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamline University</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Minnesota)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/47</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,055,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,154,244</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(University of St.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Thomas)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 10/1/32</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>293,565</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 10/1/44</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>645,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>728,721</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 10/1/40</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>920,558</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 7-U 5.00% 4/1/22</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>783,855</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 10/1/37</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>566,175</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Otsego Charter School</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Kaleidoscope Charter</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 9/1/34</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>230,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>239,476</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 9/1/44</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>400,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>411,316</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rice County Educational</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Shattuck-St. Mary&#8217;s</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/22 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,280,875</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Cloud Charter School</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Lease Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Stride Academy</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/46</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>375,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>262,500</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Charter</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Academia Cesar</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chavez School</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/50</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>825,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>840,287</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Charter</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Great River School</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>144A 4.75% 7/1/29 <FONT size=2 face=Arial>#</FONT></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>217,396</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>144A 5.50% 7/1/38 #</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>240,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>270,547</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Nova Classical</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Academy Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 4.125% 9/1/47</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>779,978</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 6.375% 9/1/31</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>764,183</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Twin Cities Academy</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.30%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/45</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>630,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>677,105</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Minnesota</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 9/1/40</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,240,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,506,439</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 9/1/42</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,426,200</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 4/1/44</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,856,955</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>39,640,328</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Electric Revenue Bonds &#8211; 13.83%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Minnesota</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Municipal Power</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Agency Revenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Brookings Southeast</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Cities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/1/32</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,130,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,168,669</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Brookings Twin Cities</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/1/42</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,032,330</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Chaska Electric Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/28</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>445,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>528,228</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Municipal</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Power Agency Electric</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 10/1/25</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>577,655</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 10/1/26</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>576,715</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 10/1/27</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>320,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>368,137</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 10/1/47</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,755,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,086,239</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Northern Municipal</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Power Agency</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/26</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>107,632</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/30</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>340,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>366,010</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>23</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments<BR></FONT><FONT size=2 color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Electric Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Electric</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Power Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.05% 7/1/42 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>175,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>158,812</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series AAA 5.25% 7/1/25 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>91,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series CCC 5.25% 7/1/27 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>800,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>728,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 5.00% 7/1/28 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>770,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>698,775</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 4.75% 7/1/26 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>105,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>94,894</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 5.25% 7/1/40 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>300,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>273,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series XX 5.75% 7/1/36 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>375,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>343,125</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series ZZ 4.75% 7/1/27 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>85,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>76,819</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series ZZ 5.25% 7/1/24 &#8225;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>140,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>127,400</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rochester Electric Utility</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/42</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>605,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>725,770</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/47</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>985,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,171,569</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Southern Minnesota</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Municipal Power</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Agency Supply</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/41</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>240,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>281,539</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/47</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,650,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,977,509</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Charter</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 10/1/33</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>285,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>322,042</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 4.00% 10/1/37</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>800,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>893,936</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Western Minnesota</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Municipal Power</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Agency Supply</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/25</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,244,230</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/26</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,080,870</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/49</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,860,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4,642,499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>23,743,404</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds &#8211; 38.69%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Anoka Health Care</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.375% 11/1/34</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>610,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>646,393</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Apple Valley Senior</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(PHS Senior Housing,</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Inc. Orchard Path</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.50% 9/1/53</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,160,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,186,935</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 9/1/58</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,605,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,673,598</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Apple Valley Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Living Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Senior Living LLC</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4th Tier</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series D 7.00% 1/1/37</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>720,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>572,861</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/47</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>507,810</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series D 7.25% 1/1/52</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,090,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>822,764</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Bethel Housing &amp; Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Care Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Benedictine Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;System- St. Peter</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>511,130</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Center City Health Care</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Hazelden Betty Ford</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/27</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>561,810</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Bethel</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(The Lodge at Lakes</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at Stillwater</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 6/1/58</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,775,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,819,411</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Center City,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Minnesota Healthcare</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Refunding</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Hazelden Betty Ford</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/1/41</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>222,814</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Crookston,</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Minnesota Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Care Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Riverview Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/1/51</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,390,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,422,373</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Cloquet Housing</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(HADC Cloquet</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,230</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>24</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


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

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: Silver; width: 95%; border-bottom: Black 1pt solid; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Dakota County</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Community</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development Agency</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Senior Housing</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Walker Highview Hills</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 5.00% 8/1/46 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>370,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>379,117</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 5.00% 8/1/51 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>755,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>773,112</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Deephaven Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Healthcare Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(St. Therese Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Living Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 4/1/38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>280,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>283,430</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 4/1/40</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>270,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>272,897</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth Economic</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Essentia Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligated Group)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,810,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,129,085</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Luke&#8217;s Hospital</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Obligation</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Group)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.75% 6/15/32</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,077,800</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6.00% 6/15/39</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,039,050</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hayward</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(American Baptist</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homes Midwest)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 2/1/44</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>502,800</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hayward Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. John&#8217;s Lutheran</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home of Albert</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lea)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 10/1/44</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>260,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>252,405</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority of The City</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>of St Paul Minnesota</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/30</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>300,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>362,829</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Maple Grove Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Care Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Maple Grove</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospital</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/37</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,062,450</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(North Memorial</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/30</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>865,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>977,303</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Maple Plain Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Housing &amp; Health</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Care Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Haven Homes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/54</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,558,485</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>System Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Fairview Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Services)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 11/15/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,855,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,163,083</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/33</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>577,515</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/34</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>576,550</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/49</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,383,760</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Housing &amp; Healthcare</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Ecumen Mill City</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Quarter)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.25% 11/1/45</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>850,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>856,588</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.375% 11/1/50</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>201,842</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Ecumen-Abiitan Mill</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/35</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>220,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>222,057</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis &#8211; St. Paul</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Allina Health System)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>585,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>714,975</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rochester Health Care &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Housing Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(The Homestead at</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,220,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,308,084</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>25</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments<BR></FONT><FONT size=2 color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rochester Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Mayo Clinic)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/15/41</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,860,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,983,493</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Sartell Health Care</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Country Manor</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Campus Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 9/1/30</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,015,370</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.30% 9/1/37</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>610,662</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Shakopee Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Francis Regional</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Medical Center)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 9/1/31</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>205,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>217,054</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 9/1/34</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>165,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>179,259</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Cloud Health Care</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Centracare Health</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>System Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 5/1/49</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,585,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,752,265</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 5/1/48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,150,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,812,382</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 5/1/37</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,295,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,426,443</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 5/1/46</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,800,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,543,184</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 5/1/24</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,400,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,586,186</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Unrefunded &#8211;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centracare Health</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;System Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/1/30</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>95,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>95,260</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Fairview Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Services)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 11/15/43</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>905,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>996,658</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/47</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>680,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>798,232</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Health Partners</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Obligation Group</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/29</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,328,420</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/32</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,100,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,276,154</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Health Care Facilities</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/36</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>881,783</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Housing &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Care Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Senior Episcopal</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Homes Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.125% 5/1/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,200,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,186,944</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.75% 11/1/31</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>740,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>740,355</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Wayzata Senior Housing</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Folkestone Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Living Community)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>3.75% 8/1/37</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>503,100</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 8/1/38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>254,065</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>4.00% 8/1/44</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>350,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>354,676</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 8/1/54</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>400,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>421,240</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Winona Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Winona Health</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Obligation)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.65% 7/1/26</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>465,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>468,450</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.75% 7/1/27</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>785,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>790,927</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 7/1/34</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>754,680</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Woodbury Housing &amp;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(St. Therese of</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbury)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 12/1/44</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,250,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,298,600</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>66,399,188</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing Revenue Bonds &#8211; 2.05%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Housing</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Finance Agency</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Non Ace &#8211; State</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriated</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/33</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,390,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,589,423</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>26</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 08 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="89%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 91%; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="91%" colSpan=3 align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota State</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Finance</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Agency</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series I 2.20%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/51</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>845,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>825,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Homeownership</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mortgage-Backed</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Program)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 4.40%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/32 (GNMA) (FNMA)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>530,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>533,154</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Northwest Multi-County</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>Housing &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>Redevelopment</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>(Pooled Housing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: White"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: White"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/45</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: White"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: White"><FONT size=2 face=Arial>560,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: White"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: White; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: White; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>578,178</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,526,455</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Lease Revenue Bonds &#150; 8.75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota State General</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Fund Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Appropriations</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 6/1/32</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>780,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>856,487</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 6/1/38</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>6,010,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 6/1/43</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,750,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,905,365</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota State</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Housing Finance</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Agency</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Non Ace - State</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriated</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/36</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,138,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Minnesota</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Special Purpose</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>(State Supported</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Biomed</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Science Research)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>5.00% 8/1/35</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,040,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,043,505</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>5.00% 8/1/36</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,000,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,059,440</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>15,014,267</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Local General Obligation Bonds &#150; 14.78%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Brainerd Independent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>181</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(General Obligation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>School Building</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Bonds)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/38</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,701,975</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,685,895</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Burnsville-Eagan-Savage</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Independent School</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>District No. 191</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>(Alternative Facilities)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/28</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,185,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,322,922</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth Independent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>709</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>684,078</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth, Minnesota</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>(Improvement DECC)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/34</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>545,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>649,166</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Edina Independent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>273</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,758,195</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hennepin County</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/36</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,190,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,460,309</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/37</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,240,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,533,012</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/41</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,060,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,288,366</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Mahtomedi Independent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>832</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/28</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>515,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>602,365</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Special</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>School District No. 1</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/36</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>224,439</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/37</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>294,343</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/38</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>260,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>305,276</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 4.00% 2/1/36</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>400,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>472,504</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 4.00% 2/1/37</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>530,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>624,006</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 4.00% 2/1/38</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>550,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>645,777</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>27</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Schedules of investments<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 89%; text-align: left"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; background-color: Silver; width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Local General Obligation Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="3%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Mounds View</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Independent School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. 621</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,236,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Michael-Albertville</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Independent School</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>District No. 885</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/27</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,300,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,573,754</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Independent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>625</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(School Building)</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/26</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,086,190</FONT></TD></TR>

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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>White Bear Lake</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Independent School</FONT></TD>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>District No. 624</FONT></TD>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 3.00%</FONT></TD>

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   <TD width="3%" noWrap align=left></TD>

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   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/43</FONT></TD>

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   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,595,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

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   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,776,546</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Willmar</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Rice Memorial</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospital Project)</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/32</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,440,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,444,441</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>25,369,659</FONT></TD></TR>

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   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds &#150; 16.65%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Dakota-Washington</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Counties Housing &amp;</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Redevelopment</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Authority Single</FONT></TD>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Family Residential</FONT></TD>

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   <TD width="3%" noWrap align=left></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Mortgage Revenue</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(City of Bloomington)</FONT></TD>

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<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 8.375%</FONT></TD>

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   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

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   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/21 (GNMA) (AMT)</FONT></TD>

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   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>7,055,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>7,279,702</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Deephaven Charter</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>School</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Eagle Ridge Academy</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50%</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/43-23 &#167;</FONT></TD>

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   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>557,250</FONT></TD></TR>

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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Higher</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Education Facilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(St. Catherine</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 7-Q 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/32-22 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>750,470</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota State</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(State Trunk Highway)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 10/1/22-21 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>5,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>5,632,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 10/1/29-21 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,315,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,394,692</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rochester Electric Utility</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 12/1/30-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,300,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,464,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 12/1/43-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,126,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Hospital</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facility</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Healtheast Care</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>System Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/29-25 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>395,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>474,521</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/15/30-25 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>290,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>348,383</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Minnesota</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series D 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/36-21 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,655,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,739,668</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Western Minnesota</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Municipal Power</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Agency Supply</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/33-24 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,129,560</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/40-24 &#167; </FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>847,170</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/46-24 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,823,900</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>28,567,796</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds &#150; 3.28%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Guam Government</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Business Privilege Tax</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.25%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>150,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>154,816</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(YMCA Greater Twin</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cities Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/1/29</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>165,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>177,563</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Sales Tax</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Financing Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Restructured)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A-1 4.55% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,357,875</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>28</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 89%; text-align: left"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; background-color: Silver; width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Sales Tax</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Restructured)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 4.75% 7/1/53</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,088,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 5.00% 7/1/58</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,600,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,765,888</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Sales Tax</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series G 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/30</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>935,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>1,078,532</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,623,074</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>State General Obligation Bonds &#150; 8.15%</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commonwealth of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Puerto Rico</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Public Improvement)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/38 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>985,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>852,025</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota State</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 8/1/30</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>658,080</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 8/1/35</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,895,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,456,962</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 8/1/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,256,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series E 5.00% 10/1/26</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,480,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,836,147</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Various Purposes)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 8/1/38</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>631,195</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series F 5.00% 10/1/22</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>4,000,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>4,290,880</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>13,981,539</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Transportation Revenue Bonds &#150; 7.35%</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minneapolis &#8211; St. Paul</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Metropolitan Airports</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Commission Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Subordinate)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/31</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>410,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>495,473</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/32</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,255,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,511,974</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,414,820</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/26</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>540,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>558,851</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/26 (AMT)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>559,980</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,190,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,230,900</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/31</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>258,310</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/30</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>516,655</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 5.00% 1/1/33</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,402,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 5.00% 1/1/36</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,193,070</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 5.00% 1/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,245,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,475,636</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>12,618,269</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds &#150; 3.13%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Guam Government</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Waterworks Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>5.00% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>840,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>968,671</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metropolitan Council</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Waste Water Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 4.00% 9/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,145,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,198,403</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 4.00% 3/1/31</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,355,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,574,144</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 4.00% 3/1/32</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,405,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,627,215</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=Arial>5,368,433</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Municipal Bonds</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $232,025,669)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>243,332,123</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Value of Securities&#150;141.79%</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $232,025,669)</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><B><U><FONT size=2 face=Arial></FONT></U></B></TD>

   <TD width="1%" noWrap align=right><B><U><FONT size=2 face=Arial></FONT></U></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial>$</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><B><FONT size=2 face=Arial>243,332,123</FONT></B></TD></TR></TABLE>

<BR>

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



<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#176;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt"><FONT size=2 face=Arial>Principal amount shown is stated in USD unless noted that the security is denominated in another currency.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>#</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt"><FONT size=2 face=Arial>Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $5,391,568, which represents 3.14% of the Fund&#8217;s net assets. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#8225;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt"><FONT size=2 face=Arial>Non-income producing security. Security is currently in default.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#167;</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Summary of abbreviations:<BR></FONT></B><FONT size=2 face=Arial>AMT &#8211; Subject to Alternative Minimum Tax<BR>FNMA &#8211; Federal National Mortgage Association<BR>GNMA &#8211; Government National Mortgage Association<BR>LLC &#8211; Limited Liability Corporation<BR>USD &#8211; US Dollar</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>29</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Schedules of investments<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 89%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 89%; text-align: left"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; background-color: Silver; width: 91%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds &#150; 142.96%</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporate Revenue Bond &#150; 0.58%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey Tobacco</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Settlement Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>335,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>389,454</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 89%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>389,454</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporate Revenue Bonds &#150; 13.52%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Arizona Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Legacy Cares, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.75%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/50 #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>725,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>787,307</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Buckeye Tobacco</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Settlement Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Senior)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>836,977</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Plains Energy</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Project Revenue,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Nebraska</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Project No. 3)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>225,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>305,170</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commonwealth</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Pennsylvania</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Tobacco Master</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/39 (AGM)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,015,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,151,051</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Florida Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Finance Surface</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Brightline Passenger</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rail Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/49 (AMT) #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>680,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>670,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Virgin Trains USA</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Rail</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/49 (AMT) #, &#9679;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>475,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>458,731</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>M-S-R Energy Authority,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>California Gas</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 6.50% 11/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>399,660</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 7.00% 11/1/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,556,010</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York Transportation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>(Delta Air Lines, Inc. -</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LaGuardia Airport</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminals C&amp;D</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redevelopment</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/36 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>824,460</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Shoals, Indiana</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(National Gypsum</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/43 (AMT)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>310,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>327,695</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Suffolk County, New</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>York Tobacco Asset</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Securitization</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/32</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>773,108</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tobacco Settlement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporation,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Louisiana</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Asset-Backed Note</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/35</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>460,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>499,017</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>30</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 09 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 92%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Corporate Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Tobacco Settlement</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporation, New</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Jersey</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>130,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>152,377</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>TSASC Revenue, New</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>York</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Settlement)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>6/1/41</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>60,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>69,508</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Valparaiso, Indiana</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Pratt Paper Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>7.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>1/1/44 (AMT)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>240,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>268,946</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>9,080,667</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Education Revenue Bonds &#150; 19.02%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Arizona Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(American Charter</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Schools Foundation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>144A 6.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>7/1/47 #</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>330,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>395,056</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Board of Regents of the</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>University of Texas</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>System</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8/15/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,519,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>California Educational</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Loma Linda</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>University)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>4/1/47</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>582,530</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Stanford University)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series V-1 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>5/1/49</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,379,520</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>East Hempfield</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Township,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Pennsylvania</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Student Services</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Income - Student</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 7/1/35</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,016,860</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Health &amp; Educational</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Authority of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>the State of Missouri</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(St. Louis College of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Pharmacy Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>5.25% 5/1/33</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>528,295</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Illinois Finance Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(CHF - Chicago, L.L.C.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>- University Of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Illinois at Chicago</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>2/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>460,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>503,967</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Chicago International</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Charter School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>535,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>592,175</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Louisiana Public</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Provident Group-</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Flagship</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Properties)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>7/1/56</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>564,935</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Massachusetts</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development Finance</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Agency</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Umass Boston</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Student Housing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 10/1/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>285,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>303,249</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>31</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments</FONT><BR><FONT size=2 color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 92%; text-align: left"></TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 92%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial>Education Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New York City, Trust for</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Cultural Resources</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Whitney Museum Of</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>American Art)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 7/1/31</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>325,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>437,755</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Philadelphia,</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Pennsylvania</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority for</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(1st Philadelphia</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>Preparatory</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>College)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>Series A 7.25%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>6/15/43</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>370,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>423,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Phoenix, Arizona</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Rowan University</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 6/1/42</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,033,130</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Pima County, Arizona</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Edkey Charter</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>Schools Project)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>144A 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>7/1/49 #</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>530,690</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Private Colleges &amp;</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Universities Authority</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue, Georgia</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>(Mercer University)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>10/1/32</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>135,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>137,106</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>University of California</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series AI 5.00% 5/15/32</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,096,840</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series AZ 5.25% 5/15/58</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>465,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>579,027</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>University of Washington</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"><FONT size=2 face=Arial>4/1/41</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>903,645</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Wyoming Community</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Student</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Housing Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(CHF-Wyoming LLC)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>6.50% 7/1/43</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>251,960</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 92%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>12,779,065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial>Electric Revenue Bonds &#150; 5.04%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Long Island Power</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Authority, New York</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Electric System</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 9/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>305,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>365,612</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 9/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>281,325</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 9/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>130,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>152,771</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Philadelphia,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Pennsylvania Gas</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Works Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(1998 General</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>Ordinance</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>Fifteenth Series)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>5.00% 8/1/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>591,590</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 94%; text-align: left"><FONT size=2 face=Arial>Puerto Rico Electric</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Power Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.05% 7/1/42 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>70,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>63,525</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series AAA 5.25% 7/1/25 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>40,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>36,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series CCC 5.25% 7/1/27 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>315,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>286,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series WW 5.00% 7/1/28 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>305,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>276,788</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series XX 4.75% 7/1/26 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>40,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>36,150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series XX 5.25% 7/1/40 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,180,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,073,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series XX 5.75% 7/1/36 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>150,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>137,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series ZZ 4.75% 7/1/27 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>35,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>31,631</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 93%; text-align: left"><FONT size=2 face=Arial>Series ZZ 5.25% 7/1/24 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>55,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>50,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3,383,542</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left"><FONT size=2 face=Arial>Healthcare Revenue Bonds &#150; 32.82%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial>Alabama Special Care</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority-Birmingham</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Alabama</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Methodist Home for</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>the Aging)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"></TD>

   <TD STYLE="width: 92%; text-align: left"><FONT size=2 face=Arial>6.00% 6/1/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>521,515</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>32</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 92%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Allegheny County</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Hospital, Pennsylvania</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Allegheny Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Network Obligated</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Group Issue)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>300,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>328,896</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Arizona Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Great Lakes Senior</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Living Communities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>LLC Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/54</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>185,204</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series B 5.00% 1/1/49</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>70,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>59,097</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series B 5.125% 1/1/54</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>85,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>71,423</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Phoenix Children&#8217;s</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Hospital)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>2/1/50</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>530,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>603,999</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Brookhaven</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Georgia</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Children&#8217;s Healthcare</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>of Atlanta)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>7/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>34,493</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>California Health</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Financing</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Kaiser Permanente)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A-2 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>11/1/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>730,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,082,291</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>California Statewide</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Communities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Loma Linda</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>University Medical</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Center)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 5.25%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/56 #</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>560,215</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Capital Trust Agency,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Tuscan Gardens</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Senior Living</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Center)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 7.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>4/1/49</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>375,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>206,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Colorado Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(CommonSpirit</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-2 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,105,010</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Healthcare Facilities -</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>American Baptist)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8.00% 8/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>330,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>351,697</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Sanford Health)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>11/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>621,610</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Cuyahoga County, Ohio</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Hospital Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(The Metrohealth</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>System)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>5.50% 2/15/57</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,167,980</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Escambia County Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Healthcare Facilities -</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Baptist)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>540,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>595,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Glendale, Arizona</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Royal Oaks -</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Inspirata Pointe</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>5/15/56</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>555,410</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Idaho Health Facilities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Luke&#8217;s Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>System Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>3/1/33</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,525,887</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>33</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments<BR></FONT><FONT size=2 color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

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



<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="92%" align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="CENTER" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 92%; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 95%; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Kalispell, Montana</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Immanuel Lutheran</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.25%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5/15/37</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>727,363</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Maryland Health &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Higher Educational</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(University of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Maryland Medical</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>System Issue)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series D 4.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>7/1/48</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>255,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>278,062</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Miami-Dade County,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Florida Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Nicklaus Children&#8217;s</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Hospital Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 8/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>200,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>235,722</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Michigan Finance</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Beaumont Health</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Credit Group)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>5.00% 11/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>1,150,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Monroe County, New</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>York Industrial</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Rochester Regional</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>12/1/46</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>440,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>496,236</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Montgomery County</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Higher Education and</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Health Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Thomas Jefferson</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>University)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>4.00% 9/1/49</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>831,488</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Moon, Pennsylvania</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Industrial</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Baptist Homes</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Society Obligation)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6.125% 7/1/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>793,530</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>New Hope, Texas</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Cultural Education</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Facilities</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Cardinal Bay Inc.)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A1 5.00% 7/1/51</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>135,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>135,174</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series B 4.75% 7/1/51</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>160,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>106,407</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New Jersey Health Care</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Financing</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Peters University</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Hospital)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6.25% 7/1/35</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>300,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>302,784</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Valley Health System</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Obligated)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 7/1/44</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>475,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>539,529</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>New York State</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Dormitory Authority</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Series A 4.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>7/1/53</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>355,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>402,698</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Orange Regional</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Medical Center)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>144A 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>12/1/35 #</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>573,215</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Orange County, Florida</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Facilities</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Mayflower</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Retirement Center)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/1/32</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>400,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>401,332</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/1/36</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,765</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.125% 6/1/42</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>752,152</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Oregon State Facilities</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>(Peacehealth Project)</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="92%" align=left><FONT size=2 face=Arial>11/15/29</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>556,730</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Palm Beach County</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Facilities</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority, Florida</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Sinai Residences</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Boca Raton</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 7.50%</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6/1/49</FONT></TD>

   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>105,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>112,865</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="94%" colSpan=3 align=left><FONT size=2 face=Arial>Palomar Health,</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>California</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="93%" colSpan=2 align=left><FONT size=2 face=Arial>5.00% 11/1/39</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>130,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>146,202</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>34</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 10 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


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

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tarrant County, Texas</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Cultural Education</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Finance</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Buckner Senior Living</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Ventana Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 11/15/47</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>276,095</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of North</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Carolina Board of</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Governors</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 2/1/49</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>746,740</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Washington Health Care</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(CommonSpirit</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/38</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>308,523</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Westminster, Maryland</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Lutheran Village</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millers Grant)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/34</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>541,275</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Wisconsin Health &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Educational Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Covenant</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communities, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/53</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,026,320</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Yavapai County, Arizona</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Industrial</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Yavapai Regional</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Center)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/28</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>720,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>783,396</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>22,051,512</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Lease Revenue Bonds &#150; 9.46%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California State Public</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Works Board Lease</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Various Capital</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projects)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/37</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,045,990</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Idaho State Building</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Health &amp; Welfare</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/24</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>90,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>96,899</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metropolitan Pier &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Exposition Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Illinois Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(McCormick Place</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Expansion)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 6/15/50</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,375,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,528,409</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/15/50</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>290,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>345,584</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey Economic</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series WW 5.25%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/30</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,152,180</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Transit Transportation</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/44</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>553,955</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Transportation Trust</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Fund Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series AA 4.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/45</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,118,730</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Public Finance Authority,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Wisconsin Airport</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(AFCO Investors II</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/31 (AMT) #</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>514,180</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>6,355,927</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Local General Obligation Bonds &#150; 2.84%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Chicago Board of</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Education, Illinois</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 4/1/42</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>205,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>234,104</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 4/1/46</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>210,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>238,157</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Chicago, Illinois</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.50% 1/1/34</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>252,499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 1/1/38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>559,495</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York City, New York</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/43</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>623,715</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,907,970</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>35</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments<BR></FONT><FONT size=2  color=#b2b2b2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds &#150; 6.97%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>JEA Electric System</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue, Florida</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/33-23 &#167;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,118,570</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metropolitan</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>New York</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Unrefunded)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41-21 &#167;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>310,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>319,334</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Monroe County, New</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>York Industrial</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Nazareth College</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/41-21 &#167;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>495,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>507,885</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Monroe County,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Pennsylvania Hospital</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Pocono Medical</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Center)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/41-22 &#167;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>517,405</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Hope, Texas</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Cultural Education</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Chief-Collegiate</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing-Tarleton</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St.)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/34-24 &#167;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,127,910</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York State</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Dormitory Authority</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/33-23 &#167;</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,094,540</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4,685,644</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="5" STYLE="width: 97%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds &#150; 13.95%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Allentown, Pennsylvania</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Neighborhood</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Improvement Zone</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(City Center Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/42 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>175,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>203,726</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Guam Government</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Business Privilege Tax</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B-1 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/42</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>540,000</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>556,362</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Kansas City, Missouri</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Convention Centre</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel Project - TIF</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/40 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>135,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>144,146</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Massachusetts Bay</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Senior</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.25%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/29</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>266,500</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey Economic</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Cigarette Tax)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/15/28</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>207,682</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 6/15/29</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>800,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>829,464</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Northampton County,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Pennsylvania</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Industrial</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Route 33 Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 7/1/32</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>205,000</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>220,812</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>36</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


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

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Special Tax Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Public Finance Authority,</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Wisconsin Airport</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(American Dream @</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meadowlands</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/50 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>380,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>439,520</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Sales Tax</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Financing Revenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Restructured)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A-1 4.579% 7/1/46 ^</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,532,100</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A-1 4.75% 7/1/53</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,235,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,520,974</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A-2 4.329% 7/1/40</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>595,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>637,971</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Sales Tax Securitization,</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Illinois</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/40</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>590,360</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Wyandotte County,</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Kansas City, Kansas</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Unified Government</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Special Obligation</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Sales Tax - Vacation</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Project A)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/32</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>220,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>220,849</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>9,370,466</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>State General Obligation Bonds &#150; 12.62%</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California State</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Various Purposes)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 10/1/41</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>440,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>450,208</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 11/1/47</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,219,480</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commonwealth of</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Puerto Rico</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.125% 7/1/37 &#8225;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>184,781</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 7/1/34 &#8225;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>715,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>630,094</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 8.00% 7/1/35 &#8225;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,900,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,496,250</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Illinois State</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 1/1/28</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>285,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>326,219</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 5/1/36</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>90,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>97,138</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 11/1/36</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,170,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,320,591</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 2/1/39</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>160,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>171,235</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.50% 5/1/39</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>615,590</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 4/1/38</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>170,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>178,940</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.125% 12/1/29</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>310,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>371,585</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Illinois State</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Rebuild Illinois</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
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   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/39</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,300,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,417,611</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>8,479,722</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Transportation Revenue Bonds &#150; 24.14%</FONT></TD>
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   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
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<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Alameda Corridor,</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>California</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Transportation</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(2nd Sub Lien)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/37</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>430,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>503,384</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Atlanta, Georgia</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Department of</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Aviation</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/29</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,121,120</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California Municipal</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Finance Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Mobile Home Park</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(LINXS APM Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/47 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>615,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>723,099</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Chicago, Illinois O&#8217;Hare</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>International Airport</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(General-Senior Lien)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 1/1/48 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>295,373</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series D 5.25% 1/1/34</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,075,020</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Harris County, Texas Toll</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Road Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Senior Lien)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>569,190</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metropolitan</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
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   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>
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   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
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   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority Revenue,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>New York</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Green Bond)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1 5.25%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/55</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>913,688</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>37</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Schedules of investments<BR></FONT><FONT  color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 93%; text-align: left"></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver; width: 95%; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 95%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Transportation Revenue Bonds (continued)</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Metropolitan</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Washington D.C.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airports Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Dulles Toll Road</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Dulles Metrorail and</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improvement</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projects)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/49</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>510,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>572,276</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey Turnpike</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Authority</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,127,850</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/40</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>301,277</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Orleans, Louisiana</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Aviation Board</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/45 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,125,220</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York Liberty</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(1 World Trade Center</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/15/41</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>514,695</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York Transportation</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(La Guardia Airport)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/50 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>700,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>788,949</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Terminal 4 John F.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Kennedy International</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airport Project))</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 4.00% 12/1/39</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>70,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>78,280</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 4.00% 12/1/41</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>65,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>72,654</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 5.00% 12/1/29</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>20,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>25,124</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pennsylvania Turnpike</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Commission</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Subordinate</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A-1 5.00% 12/1/43</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>568,925</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A-1 5.00% 12/1/47</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>210,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>251,771</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Phoenix City, Arizona</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Civic Improvement</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airport Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/49 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,194,290</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Salt Lake City, Utah</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Airport Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/42</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>625,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>747,681</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>South Jersey Port</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporation</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Subordinated Marine</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminal Revenue)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/48 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>195,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>222,115</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>South Jersey Port, New</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Jersey</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Subordinated Marine</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Terminal Revenue)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 1/1/49</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>85,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>98,801</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/42 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>85,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>97,555</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Louis, Missouri</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airport Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Lambert St. Louis</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/32 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,051,810</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Texas Private Activity</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Bond Surface</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Corporate Senior Lien</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Revenue</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(Blueridge</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Transportation Group)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/40 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>110,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>124,286</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/45 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>110,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>123,430</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/50 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>160,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>179,006</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(NTE Mobility Partners</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segments 3 LLC</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment 3C</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/58 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>597,625</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>(NTE Mobility</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>Partners)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>6.75% 6/30/43 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>255,267</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left"><FONT size=2 face=Arial>7.00% 12/31/38 (AMT)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>165,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>188,385</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="2" STYLE="width: 94%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Triborough Bridge &amp;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Tunnel Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Revenue, New York</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(MTA Bridges And</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tunnels)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 93%; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/49</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>350,000</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>436,426</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>38</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 11 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="89%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="3%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Transportation Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Virginia Small Business</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Financing Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Transform</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 P3 Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/56&nbsp;(AMT)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>235,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>272,099</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>16,216,671</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds &#150; 2.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right">&nbsp;</TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New York City, New York</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Water &amp; Sewer</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>System Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series GG-1 4.00%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>579,915</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Unrefunded Balance)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/15/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>185,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>202,120</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Philadelphia,</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Pennsylvania Water &amp;</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Wastewater Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 89%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/45</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>562,260</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,344,295</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Municipal Bonds</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $89,862,939)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>96,044,935</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Value of Securities&#150;142.96%</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(cost $89,862,939)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>96,044,935</FONT></B></TD></TR></TABLE>

<BR>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>&#176;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Principal amount shown is stated in USD unless noted that the security is denominated in another currency.</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>#</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $5,277,436, which represents 7.86% of the Fund&#8217;s net assets. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>&#9679;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>&#8225;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Non-income producing security. Security is currently in default.</FONT></P></TD></TR>

<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>&#167;</FONT></TD>

   <TD STYLE="width: 99%; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 4pt; text-align: left"><FONT size=2 face=Arial>^</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Zero-coupon security. The rate shown is the effective yield at the time of purchase.</FONT></P></TD></TR></TABLE></DIV>
<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><B><FONT size=2 face=Arial>Summary of abbreviations:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>AGM &#8211; Insured by Assured Guaranty Municipal Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>AMT &#8211; Subject to Alternative Minimum Tax</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>CHF &#8211; Collegiate Housing Foundation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>ICE &#8211; Intercontinental Exchange, Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>LIBOR &#8211; London interbank offered rate</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>LIBOR03M &#8211; ICE LIBOR USD 3 Month</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>LIBOR06M &#8211; ICE LIBOR USD 6 Month</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>LLC &#8211; Limited Liability Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>USD &#8211; US Dollar</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>39</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Statementsofassetsandliabilities"></A>Statements of assets and liabilities</FONT><BR><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021</FONT></P>

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



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Investments<SUP>&#174;</SUP></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Colorado</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Minnesota</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>National</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund, Inc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund II, Inc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund Inc.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Assets:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Investments, at value*</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>102,750,730</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>243,332,123</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>96,044,935</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Cash</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>&#150;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>143,906</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>&#150;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Interest receivable</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,212,810</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,058,276</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,184,515</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Offering cost for preferred shareholders</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>191,891</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>221,835</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>207,921</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Prepaid rating agency fee</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>14,580</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>14,580</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>14,580</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Total Assets</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>104,170,011</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>246,770,720</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>97,451,951</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Liabilities:</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Due to custodian</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>279,356</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>&#150;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>183,692</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Liquidation value of preferred stock</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>30,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>75,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>30,000,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Other accrued expenses</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>40,882</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>59,812</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>46,458</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Investment management fees payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>35,218</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>83,753</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>32,974</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Audit and tax fees payable</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,500</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,500</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,500</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Legal fees payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,825</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,811</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,757</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Accounting and administration expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>634</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,039</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>615</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Directors&#8217;/Trustees&#8217; fees and expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>405</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>943</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>368</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Reports and statements to shareholders expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>106</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>247</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>97</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Total Liabilities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>30,361,926</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>75,152,105</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>30,269,461</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>73,808,085</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>171,618,615</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>67,182,490</FONT></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="84%"></TD>

   <TD width="1%" align=right></TD>

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Assets Applicable to Common Shareholders Consist of:</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Paid-in capital ($0.001 par value)&#9679;, </FONT><FONT size=2 face=Arial>&#1092;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>66,918,121</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>157,931,075</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>60,209,588</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Total distributable earnings (loss)</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>6,889,964</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>13,687,540</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>6,972,902</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>73,808,085</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>171,618,615</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>67,182,490</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Asset Value per Common Share</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>15.26</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>14.92</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>14.84</FONT></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="84%"></TD>

   <TD width="1%" align=right></TD>

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD></TR>

<TR>

   <TD width="85%" colSpan=2>____________________</TD>

   <TD width="1%" align=right></TD>

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD WIDTH="1%" STYLE="text-align: right">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>*Investments, at cost</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>95,976,205</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>232,025,669</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>89,862,939</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="85%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><SUP>&#9679;</SUP>Common shares outstanding</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>4,837,100</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>11,504,975</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>4,528,443</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><SUP>&#1092;</SUP>Common shares authorized</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>200 million</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>200 million</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>unlimited</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>40</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Statementsofoperations"></A>Statements of operations</FONT><BR><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Year ended March 31, 2021</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 84%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="4" STYLE="width: 4%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD>
    </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments<SUP>&#174;</SUP></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT></TD>
    </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Colorado</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Minnesota</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>National</FONT></TD>
    </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD>
    </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD>
    </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund, Inc.</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund II, Inc.</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund Inc.</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Investment Income:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,693,910</FONT></TD>

    <TD>&nbsp;&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>8,349,029</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,706,018</FONT></TD>
    </TR>

<TR STYLE="background-color: Silver">

   <TD></TD>

   <TD>&nbsp;</TD>

   <TD></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD></TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD>&nbsp;</TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Expenses:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Management fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>409,946</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>977,240</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>380,546</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest expense</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>412,715</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>842,732</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>414,416</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Accounting and administration expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>55,777</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>78,709</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>54,420</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Dividend disbursing and transfer agent fees and expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>52,919</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>87,854</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>54,037</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Audit and tax fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>45,440</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>41,940</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>45,440</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Legal fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>36,840</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>75,965</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>33,541</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Rating agency fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>29,769</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>30,375</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>32,368</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Reports and statements to shareholders expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>22,662</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>39,428</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>23,286</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Offering costs</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,800</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,305</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,927</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Stock exchange fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,704</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>10,966</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,330</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Directors&#8217;/Trustees&#8217; fees and expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,151</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>9,719</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,725</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Custodian fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,144</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,571</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,295</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Registration fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>468</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>378</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>288</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>21,090</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>36,529</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>26,664</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total operating expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,104,425</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,241,711</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,081,283</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Investment Income</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,589,485</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>6,107,318</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,624,735</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Realized and Unrealized Gain:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net realized gain on investments</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>175,454</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>61,392</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>189,105</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net change in unrealized appreciation (depreciation) of investments</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,414,827</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,462,917</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,860,673</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Realized and Unrealized Gain</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,590,281</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,524,309</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,049,778</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Increase in Net Assets Resulting from Operations</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>7,179,766</FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>11,631,627</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>7,674,513</FONT></TD>
    </TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>41</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Statementsofchangesinnetassets"></A>Statements of changes in net assets<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments<SUP>&#174;</SUP></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Colorado</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Minnesota</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>National</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund, Inc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund II, Inc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Year ended</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Year ended</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Year ended</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/21</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/20</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/21</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/20</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/21</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; width: 5%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>3/31/20</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 64%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Increase (Decrease) in Net Assets from</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Operations:</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net investment income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,589,485</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,605,765</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>6,107,318</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,318,624</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,624,735</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,465,717</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net realized gain</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>175,454</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>945,232</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>61,392</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>376,557</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>189,105</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>948,488</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net change in unrealized appreciation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,414,827</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,879,898</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,462,917</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,105,990</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,860,673</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,576,788</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net increase (decrease) in net assets</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>7,179,766</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>671,099</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>11,631,627</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,589,191</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>7,674,513</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(162,583</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 63%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 64%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Dividends and Distributions to Common</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Shareholders from:</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Distributable earnings</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,655,568</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,438,465</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(4,601,990</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(5,540,135</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,576,684</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,151,586</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total Distributions to Shareholders</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,655,568</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,438,465</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(4,601,990</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(5,540,135</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,576,684</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,151,586</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 64%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Capital Share Transactions:</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 64%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Increase (Decrease) in Net Assets</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,524,198</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(2,767,366</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>7,029,637</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(1,950,944</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,097,829</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(3,314,169</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 63%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;</TD>

   <TD STYLE="width: 3%">&nbsp;</TD>

   <TD STYLE="width: 1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 64%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Net Assets Applicable to Common</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Shareholders:</FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 3%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Beginning of year</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>69,283,887</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>72,051,253</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>164,588,978</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>166,539,922</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>62,084,661</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>65,398,830</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>End of year</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>73,808,085</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>69,283,887</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>171,618,615</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>164,588,978</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>67,182,490</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="background-color: Silver; border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>62,084,661</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>42</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 12 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Statementsofcashflows"></A>Statements of cash flows<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Year ended March 31, 2021</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=3 align=center><FONT size=2 face=Arial>Delaware</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=3 align=center><FONT size=2 face=Arial>Investments<SUP>&#174;</SUP></FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=3 align=center><FONT size=2 face=Arial>Colorado</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Minnesota</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>National</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=3 align=center><FONT size=2 face=Arial>Municipal</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 align=center><FONT size=2 face=Arial>Fund, Inc.</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Fund II, Inc.</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><B><FONT size=2 face=Arial>Cash Flows Provided by (Used for) Operating Activities:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Net increase (decrease) in net assets resulting from operations</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>7,179,766</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>11,631,627</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>7,674,513</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets from operations to</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash provided by (used for) operating activities:</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount on investments</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>623,386</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,363,315</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>434,729</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>18,548,183</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,504,942</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>17,839,220</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment securities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(20,084,512</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(10,270,111</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(20,885,754</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Purchase) proceeds from disposition of short-term investment securities, net</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(477,675</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>200,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,400,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(175,454</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(61,392</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(189,105</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of investments</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(4,414,827</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(5,462,917</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(4,860,673</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>78,123</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9,549</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(27,035</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for securities purchased</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(100,180</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(1,250,918</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in offering cost for preferred shareholders</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,977</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(27,967</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(14,053</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid rating agency fee</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(270</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(270</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(270</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in Directors&#8217;/Trustees&#8217; fees and expenses payable to affiliates</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(104</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(241</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(103</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounting and administration expenses payable to affiliates</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(4</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(19</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(3</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in investment management fees payable to affiliates</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,224</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,008</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,226</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in reports and statements to shareholders expenses payable to</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliates</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>31</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in legal fees payable to affiliates</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>471</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(336</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>503</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(3,106</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>28,451</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>17,787</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>(6,002,753</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(7,714,957</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(7,534,434</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Net cash provided by operating activities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>1,177,013</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>3,916,670</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>140,079</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><B><FONT size=2 face=Arial>Cash provided by (used for) financing activities:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Cash dividends and distributions paid to common shareholders and preferred shareholders</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" align=right><FONT size=2 face=Arial>(2,655,568</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(4,601,990</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(2,576,684</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in bank overdraft</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>279,356</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>183,692</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Net cash provided by (used for) financing activities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>(2,376,212</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(4,601,990</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(2,392,992</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Net increase (decrease) in cash</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>(1,199,199</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(685,320</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(2,252,913</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Cash at beginning of year</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><FONT size=2 face=Arial>1,199,199</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>829,226</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>2,252,913</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Cash at end of year</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>143,906</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Cash paid for interest expense for leverage</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>412,715</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>842,732</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>414,416</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>43</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Financialhighlights"></A>Financial highlights<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="80%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="19%" colSpan=19 noWrap align=center><B><FONT size=1 face=Arial>Year ended</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/21</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/20</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/19</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/18</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/17</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, beginning of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.32</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.90</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.90</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.93</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.66</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Income (loss) from investment operations:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income<SUP>1</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.54</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.54</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.63</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.67</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized and unrealized gain (loss)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.95</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.40</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.04</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.03</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.68</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total from investment operations</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.49</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.14</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.62</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.66</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.01</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Less dividends and distributions to common</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders from:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.49</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.57</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.62</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.69</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.72</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized gain</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.06</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.15</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total dividends and distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.55</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.72</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.62</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.69</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.72</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>15.26</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.32</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.90</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.90</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.93</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Market value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.14</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.27</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.17</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.39</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.70</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Total return based on:</FONT></B><B><FONT size=2 face=Arial><SUP>2</SUP></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10.83%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.50%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.44%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.07%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Market value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10.82%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(1.99%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.90%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.44%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.24%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Ratios and supplemental data:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net assets applicable to common shares, end of period</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000 omitted)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>73,808</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>69,284</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>72,051</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>72,050</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>72,240</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of expenses to average net assets applicable to common</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders<SUP>3</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.52%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.10%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.14%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.82%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.60%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of net investment income to average net assets applicable</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to common shareholders<SUP>4</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.57%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.56%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.98%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.14%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.32%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Portfolio turnover</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>31%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>11%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Leverage analysis:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Value of preferred shares outstanding (000 omitted)<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset coverage per share of preferred shares, end of period<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>346,027</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>330,946</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>340,171</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>340,167</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>340,799</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left><FONT size=2 face=Arial>Liquidation value per share of preferred shares<SUP>5</SUP></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>1</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.07, $0.16, $0.17, $0.14, and $0.11 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively and from realized capital gains of $0.01 per share for the year ended March 31, 2021.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>2</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>3</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.95%, 1.06%, 1.00%, 0.93%, and 0.90%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>4</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.14%, 4.60%, 5.12%, 5.03%, and 5.03%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>5</SUP></FONT> </TD>
   <TD width="99%"><FONT size=2 face=Arial>In November 2011, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund&#8217;s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>44</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="80%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="19%" colSpan=19 noWrap align=center><B><FONT size=1 face=Arial>Year ended</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/21</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/20</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/19</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/18</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/17</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, beginning of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.31</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.48</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.27</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.41</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.05</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Income (loss) from investment operations:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income<SUP>1</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.53</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.46</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.48</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.51</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.55</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized and unrealized gain (loss)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.48</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.15</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.18</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.12</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.59</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total from investment operations</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.01</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.31</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.66</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.39</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.04</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Less dividends and distributions to common</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders from:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.40</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.45</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.45</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.53</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized gain</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.03</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total dividends and distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.40</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.45</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.53</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.92</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.31</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.48</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.27</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.41</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Market value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.19</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.37</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.63</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.63</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.56</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Total return based on:</FONT></B><B><FONT size=2 face=Arial><SUP>2</SUP></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.54%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.45%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.26%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.82%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.27%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Market value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.99%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.53%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.73%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(9.94%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.16%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Ratios and supplemental data:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net assets applicable to common shares, end of period</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000 omitted)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>171,619</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>164,589</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>166,540</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>164,193</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>165,754</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of expenses to average net assets applicable to common</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders<SUP>3</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.32%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.97%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.10%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.78%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.59%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of net investment income to average net assets applicable</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to common shareholders<SUP>4</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.61%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.12%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.40%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.48%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.69%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Portfolio turnover</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>22%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Leverage analysis:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Value of preferred shares outstanding (000 omitted)<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>75,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>75,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>75,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>75,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>75,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset coverage per share of preferred shares, end of period<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>328,825</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>319,452</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>322,053</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>318,924</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>321,006</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left><FONT size=2 face=Arial>Liquidation value per share of preferred shares<SUP>5</SUP></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>1</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.07, $0.16, $0.18, $0.14, and $0.12 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>2</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>3</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 0.83%, 0.89%, 0.85%, 0.81%, and 0.82%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>4</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.10%, 4.20%, 4.65%, 4.45%, and 4.46%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>5</SUP></FONT> </TD>
   <TD width="99%"><FONT size=2 face=Arial>In November 2011, the Fund issued a series of 750 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2016 Shares).The Series 2016 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund&#8217;s Series 2016 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>45</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Financial highlights<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="80%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="19%" colSpan=19 noWrap align=center><B><FONT size=1 face=Arial>Year ended</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/21</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/20</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/19</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/18</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>03/31/17</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, beginning of period</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.71</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.44</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.34</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.31</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15.02</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Income (loss) from investment operations:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income<SUP>1</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.54</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.59</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.64</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.66</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized and unrealized gain (loss)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.12</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.57</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.11</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.01</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.69</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total from investment operations</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.70</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.03</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.70</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.63</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.03</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Less dividends and distributions to common</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders from:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net investment income</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.51</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.55</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.68</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net realized gain</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.06</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.15</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Total dividends and distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.57</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.70</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.68</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Net asset value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.84</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.71</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.44</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.34</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.31</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Market value, end of period</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.12</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.24</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.69</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.62</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>12.94</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Total return based on:</FONT></B><B><FONT size=2 face=Arial><SUP>2</SUP></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.20%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.24%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.71%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.84%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.01%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Market value</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12.11%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.35%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.56%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.04%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(1.50%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Ratios and supplemental data:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net assets applicable to common shares, end of period</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000 omitted)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>67,182</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>62,085</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>65,399</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>64,924</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>64,792</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of expenses to average net assets applicable to common</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders<SUP>3</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.66%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.27%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.31%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.97%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.73%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Ratio of net investment income to average net assets applicable</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to common shareholders<SUP>4</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.03%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.69%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.19%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.36%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.45%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Portfolio turnover</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>33%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>16%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>50%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><B><FONT size=2 face=Arial>Leverage analysis:</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Value of preferred shares outstanding (000 omitted)<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=left><FONT size=2 face=Arial>Net asset coverage per share of preferred shares, end of period<SUP>5</SUP></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>323,942</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>306,949</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>317,996</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>316,412</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>315,898</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=left><FONT size=2 face=Arial>Liquidation value per share of preferred shares<SUP>5</SUP></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>100,000</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>1</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.08, $0.17, $0.18, $0.14, and $0.12 per share for the years ended March 31, 2021, 2020, 2019, 2018, and 2017, respectively and from realized capital gains of 0.01 per share for the year ended March 31, 2021.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>2</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>3</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 1.02%, 1.11%, 1.05%, 0.98%, and 0.94%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>4</SUP></FONT> </TD>
   <TD STYLE="width: 99%; padding-bottom: 4pt"><FONT size=2 face=Arial>The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2021, 2020, 2019, 2018, and 2017 were 4.67%, 4.84%, 5.45%, 5.35%, and 5.24%, respectively.</FONT></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; padding-right: 4pt"><FONT size=2 face=Arial><SUP>5</SUP></FONT> </TD>
   <TD width="99%"><FONT size=2 face=Arial>In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series 2017 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund&#8217;s Series 2017 Shares. On April 25, 2019, the Fund redeemed the Series 2021 Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>46</FONT></P>
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   <!-- PART 13 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Notestofinancialstatements"></A>Notes to financial statements<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are organized as Minnesota corporations and Delaware Investments National Municipal Income Fund (National Municipal Fund) is organized as a Massachusetts business trust (each referred to as a Fund and collectively as the Funds). Colorado Municipal Fund, Minnesota Municipal Fund II, and National Municipal Fund are considered diversified closed-end management investment companies under the Investment Company Act of 1940, as amended (1940 Act). The Funds&#8217; shares trade on the NYSE American, the successor to the American Stock Exchange, formerly known as NYSE Market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>1. Significant Accounting Policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services &#8212; Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Security Valuation </FONT></B><FONT size=2 face=Arial>&#8212; 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 each Fund&#8217;s Board of Directors/Trustees (each, a Board or, collectively, the Boards). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Boards.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Federal Income Taxes </FONT></B><FONT size=2 face=Arial>&#8212; No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund&#8217;s tax returns to determine whether the tax positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax authority. Tax positions not deemed to meet the &#8220;more-likely-than-not&#8221; threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund&#8217;s tax positions taken or expected to be taken on each Fund&#8217;s federal income tax returns through the year ended March 31, 2021 and for all open tax years (years ended March 31, 2018&#8211;March 31, 2021), and has concluded that no provision for federal income tax is required in each Fund&#8217;s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in </FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>&#8220;Other&#8221;</FONT><FONT size=2 face=Arial> </FONT><FONT size=2 face=Arial>on the &#8220;Statements of operations.&#8221; During the year ended March 31, 2021, the Funds did not incur any interest or tax penalties.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Cash and Cash Equivalents </FONT></B><FONT size=2 face=Arial>&#8212; Cash and cash equivalents include deposits held at financial institutions, which are available for each Fund&#8217;s use with no restrictions, with original maturities of 90 days or less.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Use of Estimates </FONT></B><B><I><FONT size=2 face=Arial>&#8212; </FONT></I></B><FONT size=2 face=Arial>The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Other &#8212; </FONT></B><FONT size=2 face=Arial>Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds<SUP>&#174; </SUP>by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the year ended March 31, 2021.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>47</FONT></P>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Notes to financial statements<BR></FONT><FONT size=2 color=#b2b2b2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>2. Investment Management, Administration Agreements and Other Transactions with Affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated based on each Fund&#8217;s adjusted average daily net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Fund. For these services, DIFSC&#8217;s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. These amounts are included on the &#8220;Statements of operations&#8221; under &#8220;Accounting and administration expenses.&#8221; For the year ended March 31, 2021, the Funds were charged for these services as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fees</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7,479</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12,306</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7,229</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to each Fund. These amounts are included on the &#8220;Statements of operations&#8221; under &#8220;Legal fees.&#8221; For the year ended March 31, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates&#8217; employees as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fees</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>20,684</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>39,383</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>19,262</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Directors&#8217;/Trustees&#8217; fees include expenses accrued by each Fund for each Director&#8217;s/Trustee&#8217;s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Directors/Trustees of the Funds. These officers and Directors/Trustees are paid no compensation by the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Cross trades for the year ended March 31, 2021, were executed by the Funds pursuant to procedures adopted by the Boards designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Boards review a report related to the Funds&#8217; compliance with the procedures adopted by the Boards. Pursuant to these procedures, for the year ended March 31, 2021, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gains or losses as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Purchases</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Sales</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Net realized gain (loss)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="90%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,111,784</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>2,720,660</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(69,092</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="90%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,642,261</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>4,835,652</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>61,388</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="90%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>8,143,291</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>6,557,243</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(77,292</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>48</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>3. Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For the year ended March 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Purchases</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Sales</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>20,084,512</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>18,548,183</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10,270,111</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,504,942</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>20,885,754</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>17,839,220</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Fund were as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Aggregate</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Aggregate</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>unrealized</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>unrealized</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Net unrealized</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Cost of</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>appreciation</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>depreciation</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>appreciation</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>investments</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>of investments</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>of investments</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>of investments</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 84%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Fund</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>and derivatives</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>and derivatives</FONT> <FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>and derivatives</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>and derivatives</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>96,174,303</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,931,360</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(354,933</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,576,427</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>231,994,235</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12,245,868</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(907,980</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>11,337,888</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>89,851,523</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,582,818</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(389,406</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,193,412</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>US GAAP defines fair value as the price that each 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&#8217;s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund&#8217;s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:</FONT></P>


<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

<TR>

   <TD STYLE="width: 1%; white-space: nowrap; vertical-align: top; text-align: left"><FONT size=2 face=Arial>Level 1 &#8211;</FONT></TD>

   <TD width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)</FONT></P></TD></TR>

<TR>
   <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; white-space: nowrap; vertical-align: top; text-align: left"><FONT size=2 face=Arial>Level 2 &#8211;</FONT></TD>

   <TD width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)</FONT></P></TD></TR>

<TR>
   <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; white-space: nowrap; vertical-align: top; text-align: left"><FONT size=2 face=Arial>Level 3 &#8211;&nbsp; </FONT></TD>

   <TD width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Significant unobservable inputs, including each Fund&#8217;s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Level 3 investments are valued using significant unobservable inputs. Each 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 style="TEXT-ALIGN: right"><FONT size=2 face=Arial>49</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



<P style="TEXT-ALIGN: left"><FONT size=6 color=#b2b2b2 face=Arial>Notes to financial statements</FONT><BR>
<FONT size=2 color=#b2b2b2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>3. Investments (continued)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The following tables summarize the valuation of each Fund&#8217;s investments by fair value hierarchy levels as of March 31, 2021:</FONT></P>

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



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Colorado</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income Fund,</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Inc.</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Level 2</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver; width: 94%"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Securities</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver; width: 1%"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver; width: 1%"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver; width: 3%"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver; width: 1%"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Assets:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Municipal Bonds</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>102,750,730</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   </TR>

<TR>

   <TD COLSPAN="4"></TD>

   <TD>&nbsp;</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Minnesota</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income Fund II,</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Inc.</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Level 2</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Securities</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Assets:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Municipal Bonds</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>243,332,123</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR>

   <TD COLSPAN="4">&nbsp;</TD>

   <TD></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Delaware</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Investments</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>National</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Municipal</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Income Fund</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Level 2</FONT> <FONT size=2 face=Arial></FONT></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Securities</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 style="border-bottom: 1pt solid #000000" face=Arial>Assets:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><U><FONT size=2 face=Arial></FONT></U></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   </TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Municipal Bonds</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial>96,044,935</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face=Arial></FONT></TD>

   </TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the year ended March 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund&#8217;s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund&#8217;s net assets. During the year ended March 31, 2021, there were no Level 3 investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>50</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 14 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>4. Dividend and Distribution Information</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2021 and 2020 were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Long-term</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Tax-exempt</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Ordinary</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>capital</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>income</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>income</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>gains</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Total*</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial style="border-bottom: 1pt solid #000000">Year ended March 31, 2021:</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><U></U></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,782,894</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>285,389</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,068,283</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>5,444,697</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>25</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>5,444,722</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,723,922</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>267,178</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,991,100</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial style="border-bottom: 1pt solid #000000">Year ended March 31, 2020:</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><U></U></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,511,439</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>690,324</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,201,763</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>7,042,947</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,639</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>340,995</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>7,385,581</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,273,266</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>216,206</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>434,769</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,924,241</FONT></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>*</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>Distributions to preferred shareholders in this table are part of interest expense and therefore not shown as distributions on the statements of changes in net assets.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>5. Components of Net Assets on a Tax Basis</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As of March 31, 2021, the components of net assets on a tax basis were as follows:</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Investments</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Investments</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Colorado</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Minnesota</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Investments</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT> </TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>National</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Income Fund,</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Income Fund II,</FONT> </TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="4" STYLE="width: 4%; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Inc.</FONT> </TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="4" STYLE="width: 4%; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Inc.</FONT> </TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="4" STYLE="width: 4%; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Income Fund</FONT> </TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" noWrap align=left><FONT size=2 face=Arial>Shares of beneficial interest</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>66,918,121</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>157,931,075</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>60,209,588</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="85%" noWrap align=left><FONT size=2 face=Arial>Undistributed tax-exempt income</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>210,174</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,288,260</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>551,786</FONT></TD>

   <TD width="1%" noWrap align=right></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" noWrap align=left><FONT size=2 face=Arial>Undistributed long-term capital gains</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>103,363</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>61,392</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>227,704</FONT></TD>

   <TD width="1%" noWrap align=right></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="85%" noWrap align=left><FONT size=2 face=Arial>Unrealized appreciation of investments</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>6,576,427</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>11,337,888</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>6,193,412</FONT></TD>

   <TD width="1%" noWrap align=right></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="85%" noWrap align=left><FONT size=2 face=Arial>Net assets</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>73,808,085</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>171,618,615</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%"><FONT size=2 face=Arial>67,182,490</FONT></TD>

   <TD width="1%" noWrap align=right></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The differences between book basis and tax basis components of net assets are primarily attributable to tax treatment of market discount on debt instruments and tax deferral of wash sales.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2021, the Funds had no reclassifications.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>6. Capital Stock</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Pursuant to their articles of incorporation, Colorado Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. National Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. Shares issuable under each Fund&#8217;s dividend reinvestment plan are purchased by each Fund&#8217;s transfer agent, Computershare, Inc., in the open market. During the years ended March 31, 2021 and 2020, the Funds did not issue any shares under their dividend reinvestment plan.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>On April 25, 2019, Colorado Municipal Fund, Minnesota Municipal Fund II, and National Municipal Fund (each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the Securities Act of 1933, of approximately $135 million of Muni-MultiMode Preferred Shares, Series 2049 (MMP). Colorado Municipal Fund, Minnesota Municipal Fund II,</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>51</FONT></P>
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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Notes to financial statements<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>6. Capital Stock (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>and National Municipal Fund issued $30,000,000, $75,000,000 and $30,000,000, respectively, of MMP Shares with a $100,000 liquidation value per share. Each Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP). The MMP shares were the same amount and value as the respective Fund&#8217;s VMTP shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The MMP shares are a floating rate form of preferred stock with a mandatory term redemption. The mandatory term redemption date for these three offerings is April 1, 2049. MMP shares have the option at either the request of the purchaser or issuer to be converted to a variable rate demand preferred (&#8220;VRDP&#8221;) structure. The converted VRDP shares could then be offered for sale to certain institutional investors. The VRDP could continue to remain outstanding for the remainder of the MMP shares&#8217; 30-year term. MMP dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index. MMP shares represent the preferred stock of each Fund and are senior, with priority in all respects, to each Fund&#8217;s common shares as to payments of dividends. MMP shares are redeemable at par. A Fund may be obligated to redeem certain of the MMP shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Dividends on MMP shares are set weekly, and are based on a short-term index rate plus an additional spread that is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the MMP shares by Fitch Ratings (&#8220;Fitch&#8221;).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The weighted average dividend rates for the year ended March 31, 2021 were as follows:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Colorado Municipal Income Fund, Inc.</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Minnesota Municipal Income Fund II, Inc.</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.12</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>National Municipal Income Fund</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Funds use leverage because their managers believe that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage; accordingly, the use of structural leverage may hurt a Fund&#8217;s overall performance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Leverage may also cause the Funds to incur certain costs. In the event that a Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch, funding dividend payments, or funding redemptions), that Fund will pay additional fees with respect to the leverage.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For financial reporting purposes, the MMP shares are considered debt of the issuer; therefore, the liquidation value which approximates fair value of the MMP shares is recorded as a liability in the statements of assets and liabilities. Dividends accrued and paid on the MMP shares are included as a component of interest expense in the statements of operations. The MMP shares are treated as equity for legal and tax purposes. Dividends paid to holders of the MMP shares are generally classified as tax-exempt income for tax-reporting purposes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Offering costs for MMP shares are recorded as a deferred charge and amortized over the 30-year life of the MMP shares. These are presented as &#8220;Offering cost for preferred shareholders&#8221; on the &#8220;Statements of assets and liabilities&#8221; and &#8220;Offering costs&#8221; on the &#8220;Statements of operations.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>7. Geographic, Credit, and Market Risks</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds&#8217; performance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>52</FONT></P>
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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Funds concentrate their investments in securities issued by municipalities. Because each of Colorado Municipal Fund and Minnesota Municipal Fund II invests substantially all of its net assets in municipal obligations of its respective state at the time of investment, events in that state may have a significant impact on the performance and investments of Colorado Municipal Fund and Minnesota Municipal Fund II. These events may include economic or political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to the state&#8217;s municipal issuers, the effects of natural or human-made disasters, or other economic, legislative, or political or social issues. Any downgrade to the credit rating of the securities issued by the US government may result in a downgrade of securities issued by the states or US territories. National Municipal Fund will be subject to these risks as well but to a lesser extent because it invests at least 80% of its net assets in securities, the income from which is exempt from federal income tax and is not limited to investing substantially all of its assets in municipal obligations of a single state. From time to time and consistent with its investment policies, National Municipal Fund may invest a considerable portion of its assets in certain municipalities. As of March 31, 2021, National Municipal Fund has invested 16.85%, 15.95%, 15.68%, 14.88%, 11.10%, and 10.55% (each as a percentage of net assets) in securities issued by the State of California, the State of Illinois, the State of New York, the State of Puerto Rico, the Commonwealth of Pennsylvania, and the State of New Jersey, respectively. These investments could make National Municipal Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund may invest a percentage of assets in obligations of governments of US territories, commonwealths, and possessions such as Puerto Rico, the US Virgin Islands, or Guam. To the extent a Fund invests in such obligations, that Fund may be adversely affected by local political and economic conditions and developments within these US territories, commonwealths, and possessions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In particular, there recently has been speculation that due to a weak economic outlook, high government debt levels, and credit rating downgrades by S&amp;P and Moody&#8217;s, Puerto Rican debt obligations may be subject to a greater risk of default. In striving to manage geographic concentration risk for a Fund, DMC carefully monitors the economies of each state, region, and US territory and possession in which the Fund invests or may invest. In general, DMC believes these economies are broad enough to satisfy a Fund&#8217;s investment needs. However, there is no way to eliminate this risk when investing with a concentration in certain geographic areas.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>From time to time, a fund may invest in industrial development bonds (IDBs) or pollution control revenue (PCR) bonds that are issued by a conduit authority on behalf of a corporation that is either foreign owned or has international affiliates or operations. While the bonds may be issued to finance a facility located in the United States, the bonds may be secured by a payment obligation or guaranty of the corporation. To the extent the Fund invests in such securities, that Fund may be exposed to risks associated with international investments. The risk of international investments not ordinarily associated with US investments includes fluctuation in currency values, differences in accounting principles, and/or economic or political instability in other nations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Many municipalities insure repayment for their obligations. Although bond insurance may reduce the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund. At March 31, 2021, the percentages of each Fund&#8217;s net assets insured by insurers are listed below and these securities have been identified on the &#8220;Schedules of investments.&#8221;</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="4%" colSpan=4 noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Delaware</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Colorado</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Minnesota</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Investments</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>National</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Income Fund,</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Income Fund II,</FONT></TD>
   <TD width="1%" noWrap align=center>
   </TD>
   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial>Municipal</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="86%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="4" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">
   <FONT size=2 face=Arial>Inc.</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">


   <FONT size=2 face=Arial>Inc.</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="4" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="86%" noWrap align=left><FONT size=2 face=Arial>Assured Guaranty Corporation</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.63</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="86%" noWrap align=left><FONT size=2 face=Arial>Assured Guaranty Municipal Corporation</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.54</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.71</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="86%" noWrap align=left><FONT size=2 face=Arial>Build America Mutual Assurance</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1.64</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><U></U></TD>
   <TD width="1%" noWrap align=center><U></U></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="86%" noWrap align=left><FONT size=2 face=Arial>Total</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>12.81</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>&#8212;</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1.71</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by Standard &amp; Poor&#8217;s (S&amp;P) and/or Ba or lower by Moody&#8217;s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>53</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Notes to financial statements<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial >7. Geographic, Credit, and Market Risks (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Funds may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a &#8220;current refunding.&#8221; Advance refunded bonds are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high-grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are &#8220;escrowed to maturity&#8221; when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Bonds are considered &#8220;pre-refunded&#8221; when the refunding issue&#8217;s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become &#8220;defeased&#8221; when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody&#8217;s, S&amp;P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>To the extent that the Funds invest in securities with longer duration, they may be more sensitive to fluctuation of interest rates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Boards have delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund&#8217;s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund&#8217;s 15% limit on investments in illiquid securities. Rule 144A securities held by each Fund have been identified on the &#8220;Schedules of investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>8. Contractual Obligations</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund&#8217;s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund&#8217;s existing contracts and expects the risk of loss to be remote.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>9. Recent Accounting Pronouncements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) &#8211; Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>54</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Arial">ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial">10. Subsequent Events</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">On December 2, 2020, Waddell &amp; Reed Financial, Inc. (WDR), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited&#146;s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the &#147;Transaction&#148;). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds<SUP>&#174; </SUP>by Macquarie, are now managed by DMC and distributed by DDLP.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">Management has determined that no other material events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in the Funds&#146; financial statements.</FONT></P>
<P style="text-align: right;">
<FONT size=2 face="Arial">55</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Reportofindependentregisteredpublicaccountingfirm"></A>Report of independent<BR>registered public accounting firm</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>To the Board of Trustees/Directors and Shareholders of Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Opinions on the Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund (hereafter collectively referred to as the &#8220;Funds&#8221;) as of March 31, 2021, the related statements of operations and cash flows for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2021 (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and the financial highlights for each of the five years in the period ended March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Basis for Opinions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>These financial statements are the responsibility of the Funds&#8217; management. Our responsibility is to express an opinion on the Funds&#8217; financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>/s/PricewaterhouseCoopers LLP<BR>Philadelphia, Pennsylvania<BR>May 20, 2021</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We have served as the auditor of one or more investment companies in Delaware Funds<SUP>&#174; </SUP>by Macquarie since 2010.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>56</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="OtherFundinformation"></A>Other Fund information (Unaudited)<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Tax Information (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The information set forth below is for each Fund&#8217;s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For the year ended March 31, 2021, each Fund reports distributions paid during the year as follows:</FONT></P>

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



<TR vAlign=bottom>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>(A)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Long-Term</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>(B)</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(C)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Capital Gains</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Ordinary Income</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tax-Exempt</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Total</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="4%" colSpan=4 noWrap align=center><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Distributions</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(Tax Basis)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(Tax Basis)</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="4" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Tax Basis)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(Tax Basis)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>9.30%</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>90.70</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>100.00%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>0.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>100.00</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>100.00%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>8.93%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>91.07</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>100.00%</FONT></TD></TR></TABLE>
<BR>

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



<TR vAlign=bottom>

   <TD width="100%" noWrap align=left><FONT size=1 face=Arial>(A), (B), and (C) are based on a percentage of the Fund&#8217;s total distributions.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund management</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Gregory A. Gizzi<BR></FONT></B><I><FONT size=2 face=Arial>Managing Director, Head of Municipal Bonds, Senior Portfolio Manager</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Gregory A. Gizzi is head of municipal bonds for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for MFI&#8217;s taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm&#8217;s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm&#8217;s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor&#8217;s degree in economics from Harvard University.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Stephen J. Czepiel<BR></FONT></B><I><FONT size=2 face=Arial>Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Stephen J. Czepiel leads the portfolio management of the firm&#8217;s municipal bonds strategies for Macquarie Investment Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. He is a co-portfolio manager of the firm&#8217;s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor&#8217;s degree in finance and economics from Duquesne University.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>57</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Other Fund information (Unaudited)<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund management (continued)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Jake van Roden<BR></FONT></B><I><FONT size=2 face=Arial>Senior Vice President, Senior Portfolio Manager</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Jake van Roden is a member of the municipal bond department within Macquarie Investment Management Fixed Income (MFI). He is a portfolio manager for MFI&#8217;s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include MFI&#8217;s closed-end municipal bond funds and the three national municipal open-end funds. He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management in the client services department. He received a bachelor&#8217;s degree in American studies with a minor in government from Franklin &amp; Marshall College.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>Colorado Municipal Income Fund, Inc.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the Fund&#8217;s principal investment strategies?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to achieve its investment objective by investing under normal circumstances, substantially all (at least 80%) of its assets in tax-exempt &#8220;Colorado Municipal Obligations.&#8221; Municipal Obligations&#8221; are debt obligations issued by states, cities and local authorities, and possessions and certain territories of the United States and their political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuer of such securities, is, at the time of issuance, not includable in gross income for federal income tax purposes. &#8220;Colorado Municipal Obligations,&#8221; are Municipal Obligations issued by or on behalf of the State of Colorado, its agencies, instrumentalities and political subdivisions and which bear interest that, in the opinion of bond counsel or other counsel to the issuer, is exempt from both regular federal income tax and Colorado state income tax. The Fund may invest up to 20% of the Fund&#8217;s total assets in securities that generate interest that is subject to federal alternative minimum tax (&#8220;AMT&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in Colorado Municipal Obligations rated investment grade (i.e., those rated BBB and above or unrated but judged to be of comparable quality by the Fund&#8217;s investment adviser). The Fund may also invest up to 20% of its net assets in Colorado Municipal Obligations with an investment rating of Ba/BB or lower, or that are unrated but judged to be of comparable quality by the Fund&#8217;s investment adviser. In normal circumstances, the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund intends to emphasize investments in Colorado Municipal Obligations with long-term maturities in order to maintain an average portfolio maturity of 20 to 30 years. The average portfolio maturity, however, may be shortened from time to time depending upon market conditions. As a result, the Fund&#8217;s portfolio at any given time may include both long- and intermediate-term Colorado Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limit in state or municipal leases and participation interests therein. Municipal lease obligations held by the Fund will be treated as illiquid unless they are determined to be liquid pursuant to guidelines established by the Fund&#8217;s Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in advanced refunded bonds, escrow secured bonds or defeased bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest up to 20% of its net assets in municipal obligations issued by or on behalf of territories of the United States &#8211; such as Guam, the U.S. Virgin Islands or Puerto Rico &#8211; that are exempt from Colorado and federal income tax, subject to the Fund&#8217;s fundamental investment policy to invest 80% of its assets in Colorado municipal obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest up to 5% of its total assets in Colorado Municipal Obligations whose rates vary inversely with changes in market rates of interest (so-called &#8220;inverse floaters&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Although in normal circumstances the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations, the Fund may attempt to hedge its investment portfolio against market risk by engaging in various hedging transactions. In particular, the Fund may purchase and sell futures contracts, enter into various interest rate transactions, and may purchase and sell (or write) exchange-listed and over-the-counter put and call options on securities and futures contracts (collectively, &#8220;Hedging Transactions&#8221;). Hedging Transactions may be used to attempt to protect against possible changes in the market value of the Fund&#8217;s portfolio resulting from trends in the debt securities markets, to protect the Fund&#8217;s unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>58</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities, to manage the effective dollar-weighted average duration of the Fund&#8217;s portfolio or for other risk management purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into contracts for the purchase or sale for future delivery (&#8220;futures contracts&#8221;) of debt securities, aggregates of debt securities or indices or prices thereof, other financial indices and U.S. Government debt securities to hedge the value of its portfolio securities that might result from a change in interest rates. The Fund will engage in such transactions for bona fide hedging, risk management (including duration management) and other portfolio management purposes, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission. Although the Fund generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any particular time. It is expected that the initial margin on futures contracts the Fund may purchase or sell may range from approximately 3% to approximately 15% of the value of the securities (or the securities index) underlying the contract. In certain circumstances, however, such as during periods of high volatility, the Fund may be required by an exchange to increase the level of its initial margin payment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into interest rate swaps and the purchase or sale of interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund will not sell interest rate caps or floors based on securities that it does not own. The Fund will not enter into any interest rate swap, cap or floor transaction unless the unsecured senior debt or the claims-paying ability of the other party thereto is rated at least &#8220;A&#8221; by at least one nationally recognized rating organization at the time of entering into such transaction. There is no limit on the amount of interest rate swap transactions that may be entered into by the Fund. The aggregate purchase price of caps and floors held by the Fund may not exceed 5% of the Fund&#8217;s assets. The Fund may sell (i.e., write) caps and floors without limitation, as long as it designates on the Fund&#8217;s books liquid assets in an amount sufficient to cover its obligations under the cap or floor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may purchase put options (&#8220;puts&#8221;) that relate to Municipal Obligations (whether or not it holds such securities in its portfolio) or futures on such securities. The Fund may also sell puts on Municipal Obligations or futures on such securities if the Fund&#8217;s continuing obligations on such puts are secured by designated assets on the Fund&#8217;s books consisting of cash or liquid debt securities having a value not less than the exercise price. The Fund will not sell puts if, as a result, more than 50% of the Fund&#8217;s assets would be required to cover its potential obligation under its hedging and other investment transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In order to reduce fluctuations in net asset value, the Fund may sell or purchase call options (&#8220;calls&#8221;) on Municipal Obligations that are traded on U.S. securities exchanges and in the over-the-counter markets and related futures on such securities. The Fund may write call options only if the call option is &#8220;covered.&#8221; The Fund may write put options only if the put option is &#8220;secured.&#8221; Although the Fund will enter into over-the-counter options only with dealers that agree to enter into, and which are expected to be capable of entering into, closing transactions with the Fund, there can be no assurance that the Fund will be able to liquidate an over-the-counter option at a favorable price at any time prior to expiration. The Fund will not engage in over-the-counter options transactions if the amount invested by the Fund in over-the-counter options, plus, with respect to over-the-counter options written by the Fund, the amounts required to be treated as illiquid pursuant to SEC staff positions, plus the amount invested by the Fund in illiquid securities, would exceed 20% of the Fund&#8217;s total assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund also may purchase and write call and put options on securities indices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also purchase and sell (write) call and put options on financial futures contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into credit default swap (&#8220;CDS&#8221;) contracts to the extent consistent with its investment objective and strategies. The Fund might use CDS contracts to limit or to reduce the risk exposure of the Fund to defaults of the issuer or issuers of its holdings (i.e., to reduce risk when the Fund owns or has exposure to such securities). The Fund also might use CDS contracts to create or vary exposure to securities or markets or as a tax management tool. The Fund will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&amp;P or Baa3 by Moody&#8217;s or is determined to be of equivalent credit quality by the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may purchase Municipal Obligations on a &#8220;when-issued&#8221; basis and may purchase or sell Municipal Obligations on a &#8220;forward commitment&#8221; basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>59</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks (continued)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During temporary defensive periods (e.g., when, in the Manager&#8217;s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long- or intermediate-term Colorado Municipal Obligations are available), and in order to keep cash on hand fully invested, the Fund may invest any percentage of its assets in temporary investments. The Fund intends to invest in taxable temporary investments only in the event that suitable tax-exempt temporary investments are not available at reasonable prices and yields. The Fund will invest only in taxable temporary investments which are U.S. Government securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Portfolio trading may be undertaken to accomplish the investment objective of the Fund in relation to actual and anticipated movements in interest rates. In addition, a security may be sold and another of comparable quality purchased at approximately the same time to take advantage of what the Manager believes to be a temporary price disparity between the two securities. The Fund may also engage to a limited extent in short-term trading consistent with its investment objective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund&#8217;s 15% limit on investments in illiquid securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Subject to the foregoing, the Fund will attempt to achieve its investment objective by prudent selection of Colorado Municipal Obligations with a view to holding them for investment. The Fund anticipates that its annual portfolio turnover rate will generally not exceed 100%. However, the rate of turnover will not be a limiting factor when the Fund deems it desirable to sell or purchase securities. Therefore, depending upon market conditions, the annual portfolio turnover rate of the Fund may exceed 100% in particular years.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Municipal Obligations market is rapidly evolving; types of Municipal Obligations other than those described above can be expected to be developed and marketed from time to time. Consistent with its investment limitations, the Fund expects to invest in those new types of Municipal Obligations that the Manager believes may assist the Fund in achieving its investment objective. The Fund will notify shareholders to the extent that it intends to invest more than 5% of its net assets in such obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the principal risks of investing in the Fund?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund&#8217;s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund&#8217;s principal risks include:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Net asset value discount risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Market risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that all or a majority of the securities in a certain market &#8212; such as the stock or bond market &#8212; will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Interest rate risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Colorado Municipal Obligations risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of Colorado Municipal Obligations may be adversely affected by new legislation in Colorado, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. A fund holding Colorado Municipal Obligations is susceptible to political, economic or regulatory factors affecting issuers of Colorado Municipal Obligations. There can be no assurance that current or future statewide or regional difficulties, and the resulting impact on State or local governmental finances generally, or other factors, affecting State or local governmental finances, will not adversely affect the market value of Colorado Municipal Obligations held by a fund, the ability of a fund to manage its portfolio consistent with its investment policies or the ability of particular obligors to make timely payments of debt service on (or relating to) those obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>60</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Credit risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>High yield (junk bond) risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that high yield securities, commonly known as &#8220;junk bonds,&#8221; are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Geographic concentration risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Leveraging risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that certain fund transactions, such as the use of derivatives instruments or when-issued, delayed delivery or forward commitment transactions, or issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Derivatives risk </FONT></B><FONT size=2 face=Arial>&#8212; Derivatives contracts, such as futures, options, swaps, and inverse floaters, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Liquidity risk </FONT></B><FONT size=2 face=Arial>&#8212; The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Government and regulatory risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Alternative minimum tax risk </FONT></B><FONT size=2 face=Arial>&#8212; If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund&#8217;s distributions would be taxable for shareholders who are subject to this tax.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Call risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Industry and sector risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>IBOR risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (&#8220;IBORs,&#8221; such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Active management and selection risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the securities selected by a fund&#8217;s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>Minnesota Municipal Income Fund II, Inc.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the Fund&#8217;s principal investment strategies?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to achieve its investment objective by investing substantially all (in excess of 80%) of its net assets in tax-exempt &#8220;Minnesota Municipal Obligations&#8221; rated &#8220;investment grade&#8221; at the time of investment. &#8220;Municipal Obligations&#8221; are debt obligations issued by states, cities and local authorities, and possessions and certain territories of the United States and their political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuer of such securities, is, at the time of issuance, not includable in gross income for federal income tax purposes. &#8220;Minnesota Municipal Obligations&#8221; are Municipal Obligations issued by or on behalf of the State of Minnesota, its agencies, instrumentalities and political subdivisions and which bear interest that, in the opinion of bond counsel or other counsel to the issuer, is exempt from both regular federal income tax and Minnesota state personal income tax. &#8220;Investment grade&#8221; means that, at the time of investment, a Minnesota Municipal Obligation has a credit rating of at least Baa by Moody&#8217;s, or BBB by Standard &amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;). The Fund may invest up to 20% of the Fund&#8217;s total assets in securities that generate interest that is subject to federal and Minnesota alternative minimum tax (&#8220;AMT&#8221;). In normal circumstances, the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limit in state or municipal leases and participation interests therein. Municipal lease obligations held by the Fund will be treated as illiquid unless they are determined to be liquid pursuant to guidelines established by the Fund&#8217;s Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund intends to emphasize investments in Minnesota Municipal Obligations with long-term maturities in order to maintain an average portfolio maturity of 20 to 30 years. The average portfolio maturity, however, may be shortened from time to time depending upon market conditions. As a result, the Fund&#8217;s portfolio at any given time may include both long- and intermediate-term Minnesota Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also, as a matter of non-fundamental policy: (1) invest up to 20% of its total assets in unrated Minnesota Municipal Obligations determined by the Manager to be of comparable quality to investment grade rated Minnesota Municipal Obligations; (2) invest up to 20% of its net assets in municipal bonds that are rated Ba1/BB+ or lower or that are unrated but judged to be of comparable quality by the Manager; (3) continue to hold Municipal Obligations that have been downgraded by Moody&#8217;s or S&amp;P below investment grade after purchase, subject to the Fund&#8217;s policy to invest no more than 20% of its net assets in Municipal Obligations rated below investment grade; and (4) purchase Minnesota Municipal Obligations on a &#8220;when-issued&#8221; basis and purchase or sell Minnesota Municipal Obligations on a &#8220;forward commitment&#8221; basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in advanced refunded bonds, escrow secured bonds or defeased bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In addition, the Fund may invest in Municipal Obligations issued by or on behalf of territories of the United States &#8211; such as Guam, the U.S. Virgin Islands or Puerto Rico &#8211; that are exempt from Minnesota and federal income tax to the extent that not more than 5% of the Fund&#8217;s exempt interest dividends are derived from such obligations, subject to the Fund&#8217;s fundamental investment policy to invest 80% of its net assets in Minnesota municipal obligations. As a matter of policy, the Fund will seek to derive at least 95% of its exempt-interest dividends from Minnesota Municipal Obligations in order to qualify to pay tax-exempt dividends on income from Minnesota Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest up to 5% of its net assets in Minnesota Municipal Obligations whose rates vary inversely with changes in market rates of interest (so-called &#8220;inverse floaters&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in custodial receipts or certificates that evidence ownership of future interest payments, principal payments or both on certain municipal securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Although in normal circumstances the Fund does not intend to invest more than 5% of its assets in instruments other than Municipal Obligations, the Fund may attempt to hedge its investment portfolio against market risk (including interest rate risk) by engaging in various hedging transactions. In particular, the Fund may purchase and sell futures contracts, enter into various interest rate transactions, and may purchase and sell (or write) exchange-listed and over-the-counter put and call options on Municipal Obligations, other debt securities, aggregates of debt securities or indices of interest rates or prices thereof or other financial indices and on futures contracts (collectively, &#8220;Hedging Transactions&#8221;). The Fund intends to engage in Hedging Transactions if it appears advantageous to the Manager to do so in order to pursue the Fund&#8217;s investment objective, to seek to hedge against the effects of market conditions and to seek to stabilize the value of its assets.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into contracts for the purchase or sale for future delivery (&#8220;futures contracts&#8221;) of debt securities, aggregates of debt securities or indices or prices thereof, other financial indices and U.S. Government debt securities to hedge against a decline in the value of its portfolio securities that might result from a change in interest rates. The Fund will engage in such transactions for bona fide hedging, risk management (including duration management) and other portfolio management purposes, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into interest rate swaps and the purchase and sale of interest rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to manage the average weighted maturity of the Fund&#8217;s portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing. The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund will not enter into any interest rate transaction unless the unsecured senior debt or the claims-paying ability of the other party to the transaction is rated at least &#8220;A&#8221; or the equivalent by at least one nationally recognized rating organization at the time of entering into the transaction. The Fund may enter into any amount of interest rate swaps. The Fund may not sell interest rate caps or floors based on securities that it does not own. The aggregate purchase price of caps and floors held by the Fund may not exceed 5% of the Fund&#8217;s assets. However, the Fund may sell (i.e., write) caps and floors without limitation, as long as it designates on the Fund&#8217;s books liquid assets in an amount sufficient to cover its obligations under the cap or floor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may purchase put options (&#8220;puts&#8221;) that relate to Municipal Obligations (whether or not it holds such securities in its portfolio) or futures on such securities. The Fund may also write put options, but only on a secured basis, which means that the Fund will designate on its books cash or U.S. government securities in an amount not less than the exercise price of the option at all times during the option period. The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase puts that relate to Minnesota Municipal Obligations or futures on Minnesota Municipal Obligations. The Fund may also sell puts on Minnesota Municipal Obligations or futures on Minnesota Municipal Obligations if the Fund&#8217;s continuing obligations on such puts are secured by assets designated on the Fund&#8217;s books consisting of cash or liquid debt securities having an aggregate value not less than the exercise price. The Fund will not sell puts if, as a result, more than 50% of the Fund&#8217;s assets would be required to cover its potential obligation under its hedging and other investment transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In order to reduce fluctuations in NAV, the Fund may sell or purchase call options (&#8220;calls&#8221;) on Municipal Obligations that are traded on U.S. securities exchanges and in the over-the-counter markets and related futures on such securities. The Fund may purchase call options to hedge against an increase in the price of securities that the Fund anticipates purchasing in the future. The Fund may sell or purchase calls on Minnesota Municipal Obligations that are traded on the U.S. securities exchanges and in the over-the-counter markets. The Fund may also sell or purchase calls on futures contracts on those Minnesota Municipal Obligations. The Fund will only write (sell) calls on securities or futures contracts it owns, or will designate on the Fund&#8217;s books liquid assets in an amount sufficient to purchase the underlying security or futures contract, adjusted to changes in market prices on a daily basis. The Fund may purchase call options to the extent that premiums paid by the Fund do not aggregate more than 2% of the Fund&#8217;s total assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may also purchase and write call and put options on securities indices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>To the extent that over-the-counter options are deemed to be illiquid, they are subject to the Fund&#8217;s limitation that a maximum of 15% of its net assets be invested in illiquid securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may enter into credit default swap (&#8220;CDS&#8221;) contracts to the extent consistent with its investment objective and strategies. The Fund might use CDS contracts to limit or to reduce the risk exposure of the Fund to defaults of the issuer or issuers of its holdings (i.e., to reduce risk when the Fund owns or has exposure to such securities). The Fund also might use CDS contracts to create or vary exposure to securities or markets or as a tax management tool. The Fund will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&amp;P or Baa3 by Moody&#8217;s or is determined to be of equivalent credit quality by the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in a temporary defensive manner when the Manager believes that the Fund will be affected by adverse market conditions. When investing in this manner, the Fund may hold all or a substantial part of its assets in short-term, high quality securities which may be either tax-exempt or taxable. The Fund may invest only in taxable temporary investments that are U.S. Government securities. To the extent that the Fund invests in a temporary defensive manner, the Fund may not be able to achieve its investment objective.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks (continued)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Portfolio trading will be undertaken principally to accomplish the Fund&#8217;s objective in relation to actual and anticipated movements in the general level of interest rates. In addition, a security may be sold and another security of comparable quality purchased at approximately the same time to take advantage of what the Manager believes to be a temporary price disparity between the two securities. The Fund may also engage to a limited extent in short-term trading consistent with its investment objective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act, and other securities which may not be readily marketable. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund&#8217;s 15% limit on investments in illiquid securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund is free to dispose of portfolio securities at any time, subject to complying with the Code and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of the Fund&#8217;s investment objective. The Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. The Fund anticipates that its annual portfolio turnover will not exceed 100%. However, the rate of turnover will not be a limiting factor when the Fund deems it desirable to sell or purchase securities. Therefore, depending on market conditions, the annual portfolio turnover rate of the Fund may exceed 100% in particular years.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Municipal Obligations market is rapidly evolving; types of Municipal Obligations other than those described above can be expected to be developed and marketed from time to time. Consistent with its investment limitations, the Fund expects to invest in those new types of Municipal Obligations that the Manager believes may assist the Fund in achieving its investment objective. The Fund will notify shareholders to the extent that it intends to invest more than 15% of its net assets in such obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the principal risks of investing in the Fund?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund&#8217;s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund&#8217;s principal risks include:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Net asset value discount risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Market risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that all or a majority of the securities in a certain market &#8212; such as the stock or bond market &#8212; will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Interest rate risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Minnesota Municipal Obligations risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of Minnesota Municipal Obligations may be adversely affected by new legislation in Minnesota, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. A fund holding Minnesota Municipal Obligations is susceptible to political, economic or regulatory factors affecting issuers of Minnesota Municipal Obligations. There can be no assurance that current or future statewide or regional difficulties, and the resulting impact on State or local governmental finances generally, or other factors, affecting State or local governmental finances, will not adversely affect the market value of Minnesota Municipal Obligations held by a fund, the ability of a fund to manage its portfolio consistent with its investment policies or the ability of particular obligors to make timely payments of debt service on (or relating to) those obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Credit risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>High yield (junk bond) risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that high yield securities, commonly known as &#8220;junk bonds,&#8221; are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Geographic concentration risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Industry and sector risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Call risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Leveraging risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that certain fund transactions, such as the use of derivatives instruments or when-issued, delayed delivery or forward commitment transactions, or issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Derivatives risk </FONT></B><FONT size=2 face=Arial>&#8212; Derivatives contracts, such as futures, options, swaps, and inverse floaters, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Liquidity risk </FONT></B><FONT size=2 face=Arial>&#8212; The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Government and regulatory risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Alternative minimum tax risk </FONT></B><FONT size=2 face=Arial>&#8212; If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund&#8217;s distributions would be taxable for shareholders who are subject to this tax.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>IBOR risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (&#8220;IBORs,&#8221; such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Active management and selection risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the securities selected by a fund&#8217;s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Delaware Investments</FONT></B><B><FONT size=2 face=Arial><SUP>&#174; </SUP></FONT></B><B><FONT size=2 face=Arial>National Municipal Income Fund</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the Fund&#8217;s principal investment strategies?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund seeks to achieve its investment objective by investing under normal circumstances, substantially all (at least 80%) of its net assets in &#8220;Municipal Obligations.&#8221; &#8220;Municipal Obligations&#8221; are debt obligations issued by or on behalf of a state or territory or its agencies, instrumentalities, municipalities and political subdivisions, the interest payable on which is, in the opinion of bond counsel, excludable from gross income for purposes of federal income taxation (except, in certain instances, the alternative minimum tax, depending upon the shareholder&#8217;s tax status). The Fund may invest up to 20% of the Fund&#8217;s assets in securities that generate interest that is subject to federal alternative minimum tax (&#8220;AMT&#8221;). The Fund may invest without limitation in uninsured, &#8220;investment grade&#8221; Municipal Obligations. &#8220;Investment grade&#8221; means that, at the time of investment, a Municipal Obligation has a credit rating of at least Baa by Moody&#8217;s, or BBB by Standard &amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;), or is unrated but judged by the Manager, to be of comparable quality. The Fund may invest up to 20% of its net assets in Municipal Obligations that are rated below investment grade or that are unrated but judged by the Manager to be of comparable quality.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager thinks are the best investments for the Fund. The Fund generally invests in debt obligations issued by state and local governments and their political subdivisions, agencies, authorities, and instrumentalities that are exempt from federal income tax. The Fund may also invest in debt obligations issued by or for the District of Columbia, and its political subdivisions, agencies, authorities, and instrumentalities or territories and possessions of the United States that are exempt from federal income tax.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Fund may sell securities for a variety of reasons, such as to reinvest the proceeds in higher yielding securities, to eliminate investments not consistent with the preservation of capital, to fund tender offers, or to address a weakening credit situation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund invests its assets in securities with maturities of various lengths, depending on market conditions, but will have a dollar-weighted average effective maturity of between 20 and 30 years. The Manager will adjust the average maturity of the bonds in the Fund&#8217;s portfolio to attempt to provide a current tax-exempt income, consistent with preservation of capital. The Fund may focus its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors do not suit its investment needs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. The Fund may invest without limitation in revenue bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in insured Municipal Obligations. In addition, insurance is available on uninsured bonds and the Fund may purchase such insurance directly. The Manager will generally do so only if it believes that purchasing and insuring a Municipal Obligation provides an investment opportunity at least comparable to owning other available insured Municipal Obligations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Private activity or private placement bonds are municipal bond issues whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds such as privately owned sports and convention facilities. The Tax Reform Act of 1986 subjects interest income from these bonds to the federal alternative minimum tax and makes the tax-exempt status of certain bonds dependent on the issuer&#8217;s compliance with specific requirements after the bonds are issued. As described above, the Fund may invest up to 20% of its assets in bonds whose income is subject to the federal alternative minimum tax. This means that a portion of the Fund&#8217;s distributions could be subject to the federal alternative minimum tax that applies to certain taxpayers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limit in advance refunded bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in high-quality, short-term tax-free instruments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, commonly known as &#8220;Rule 144A Securities.&#8221; Restricted securities that are determined to be illiquid may not exceed the Fund&#8217;s 15% limit on investments in illiquid securities.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in municipal lease obligations, primarily through certificates of participation rated in the top four quality grades by S&amp;P or another nationally recognized statistical rating agency. As with the Fund&#8217;s other investments, the Manager expects that investments in municipal lease obligations will be exempt from regular federal income taxes. The Fund will rely on the opinion of the bond issuer&#8217;s counsel for a determination of the bond&#8217;s tax-exempt status.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in zero coupon bonds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Credit quality restrictions for the Fund apply only at the time of purchase. The Fund may continue to hold a security whose quality rating has been lowered or, in the case of an unrated bond, after the Manager has changed its assessment of its credit quality.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may buy or sell securities on a when-issued or delayed-delivery basis; that is, paying for securities before delivery or taking delivery at a later date. The Fund will designate cash or securities in amounts sufficient to cover its obligations, and will value the designated assets daily.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Where the Manager feels there is a limited supply of appropriate investments, the Fund may invest more than 25% of its total assets in Municipal Obligations relating to similar types of projects or with other similar economic, business, or political characteristics (such as bonds of housing finance agencies or healthcare facilities). In addition, the Fund may invest more than 25% of its assets in industrial development bonds or, in the case of the Fund, pollution control bonds, which may be backed only by the assets and revenues of a nongovernmental issuer. The Fund will not, however, invest more than 25% of its total assets in bonds issued for companies in the same business sector.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes but normally does not do so. The Fund will not borrow money in excess of one-third of the value of its assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In response to unfavorable market conditions, the Fund may invest in taxable instruments for temporary defensive purposes. These could include obligations of the U.S. government, its agencies and instrumentalities, commercial paper, cash, certificates of deposit of domestic banks, repurchase agreements, reverse repurchase agreements, other cash equivalents, and other debt instruments. These investments may not be consistent with the Fund&#8217;s investment objective. To the extent that the Fund holds such investments, it may be unable to achieve its investment objective.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the principal risks of investing in the Fund?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund&#8217;s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund&#8217;s principal risks include:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Net asset value discount risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Market risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that all or a majority of the securities in a certain market &#8212; such as the stock or bond market &#8212; will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Interest rate risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Security risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond (due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>High yield (junk bond) risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that high yield securities, commonly known as &#8220;junk bonds,&#8221; are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Other Fund information (Unaudited)<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund strategies and risks (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Industry and sector risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Geographic concentration risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. For a further discussion of geographic, credit and market risks, see Note 7 in &#8220;Notes to financial statements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Credit risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Leveraging risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that certain fund transactions, such as the issuance of preferred shares, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Call risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Alternative minimum tax risk </FONT></B><FONT size=2 face=Arial>&#8212; If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund&#8217;s distributions would be taxable for shareholders who are subject to this tax.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Government and regulatory risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Liquidity risk </FONT></B><FONT size=2 face=Arial>&#8212; The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>IBOR risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (&#8220;IBORs,&#8221; such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Active management and selection risk </FONT></B><FONT size=2 face=Arial>&#8212; The risk that the securities selected by a fund&#8217;s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>68</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Boardoftrusteesdirectorsandofficersaddendum"></A>Board of trustees / directors and officers addendum<BR></FONT><FONT size=2 face=Arial>Delaware Funds<SUP>&#174; </SUP>by Macquarie</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>A mutual fund is governed by a Board of Trustees / Directors (&#8220;Trustees&#8221;), which has oversight responsibility for the management of a fund&#8217;s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

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   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Number of</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Other</FONT></B></TD></TR>
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   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Portfolios in Fund</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Directorships</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Name,</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Position(s)</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>Occupation(s)</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Complex Overseen</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Held by</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Address,</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Held with</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Length of Time</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>During the</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>by Trustee</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Trustee</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>and Birth Date</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Trust</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Served</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>Past Five Years</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>or Officer</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>or Officer</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; width: 15%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Interested Trustee</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 15%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 25%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
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   <TD STYLE="background-color: Silver; width: 20%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR>
   <TD width="100%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Shawn K. Lytle</FONT></B><FONT size=1 face=Arial><SUP>1</SUP></FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>President,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>President and</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Global Head of Macquarie Investment</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Trustee &#8212; UBS</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Chief Executive Officer,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Chief Executive Officer</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Management<SUP>2</SUP></FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Relationship Funds, SMA</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>and Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>since August 2015</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(January 2019&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Relationship Trust, and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Trustee since</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Head of Americas of</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>UBS Funds</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>February 1970</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>September 2015</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Macquarie Group</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(May 2010&#8211;April 2015)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(December 2017&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Deputy Global Head of Macquarie Investment</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Management</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(2017&#8211;2019)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Head of Macquarie Investment Management</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Americas</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(2015&#8211;2017)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; width: 15%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Independent Trustees</FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 15%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 25%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 20%; white-space: nowrap; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Since January 2019</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Managing Member, Stonebrook Capital</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Management, LLC (financial technology: macro</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>factors and databases)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(January 1993-Present)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>July 1959</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Thomas L. Bennett</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Chair and Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Trustee since March</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Private Investor</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>2005</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(March 2004&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Chair since March 2015</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>October 1947</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Ann D. Borowiec</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Since March 2015</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Chief Executive Officer, Private Wealth</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; Banco</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Management (2011&#8211;2013) and Market</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Santander International</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Manager, New Jersey Private Bank (2005&#8211;</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(October 2016&#8211;December</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>2011) &#8212; J.P. Morgan Chase &amp; Co.</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>2019)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; Santander</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>November 1958</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Bank, N.A. (December</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>2016&#8211;December 2019)</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Joseph W. Chow</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Since January 2013</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Private Investor</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director and Audit</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(April 2011&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Committee Member &#8212;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Hercules Technology</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Growth Capital, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(July 2004&#8211;July 2014)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>January 1953</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>69</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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

<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Board of trustees / directors and officers addendum<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="25%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Number of</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Other</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Portfolios in Fund</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Directorships</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Name,</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Position(s)</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>Occupation(s)</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Complex Overseen</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Held by</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Address,</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>Held with</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Length of Time</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="25%" noWrap align=center><B><FONT size=1 face=Arial>During the</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face=Arial>by Trustee</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face=Arial>Trustee</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>and Birth Date</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Trust</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Served</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 25%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Past Five Years</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>or Officer</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>or Officer</FONT></B></TD></TR>
<TR>
   <TD width="100%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>H. Jeffrey Dobbs</FONT></B><B><FONT size=1 face=Arial><SUP>3</SUP></FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Since April 2021</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Global Sector Chairman, Industrial</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>89</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, Valparaiso</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Manufacturing, KPMG LLP</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>University</FONT></TD></TR>
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   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(2010-2015)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2012-Present)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, TechAccel LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2015-Present) (Tech R&amp;D)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>May 1955</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Board Member, Kansas</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>City Repertory Theatre</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2015-Present)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Board Member,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>PatientsVoices, Inc.</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(healthcare)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2018-Present)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Kansas City Campus for</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Animal Care</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2018-Present)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, National</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Association of</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Manufacturers</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2010-2015)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, The Children&#8217;s</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Center</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2003-2015)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, Metropolitan</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Affairs Coalition</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2003-2015)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, Michigan</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Roundtable for Diversity</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>and Inclusion</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2003-2015)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Trustee, Ivy NextShares</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2019)</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>John A. Fry</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>Trustee</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Since January 2001</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>President &#8212; Drexel University</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>160</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director; Compensation</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>100 Independence,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(August 2010&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Committee and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>610 Market Street</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>President &#8212; Franklin &amp; Marshall College</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Governance Committee</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>Philadelphia, PA</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(July 2002&#8211;June 2010)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Member &#8212; Community</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>19106-2354</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Health Systems</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>}May 1960</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
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   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(May 2004&#8211;Present)</FONT></TD></TR>
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   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; Drexel Morgan</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>&amp; Co. (2015&#8211;2019)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, Audit and</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Compensation Committee</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Member &#8212; vTv</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
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   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Therapeutics Inc.</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(2017&#8211;Present)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director and Audit</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Committee Member &#8212; FS</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Credit Real Estate Income</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Trust, Inc. (2018&#8211;Present)</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; Federal</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Reserve</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Bank of Philadelphia</FONT></TD></TR>
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   <TD width="15%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="15%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="25%" noWrap align=center></TD>
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   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(January 2020&#8211;Present)</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>70</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
   <!-- PART 19 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>



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



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 19%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Name,<BR>Address,<BR>and Birth Date</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Position(s)<BR>Held with<BR>Trust</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Length of Time<BR>Served</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 16%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Principal<BR>Occupation(s)<BR>During the<BR>Past Five Years</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 13%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Number of<BR>Portfolios in Fund<BR>Complex Overseen<BR>by Trustee<BR>or Officer</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 17%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>or Officer</FONT></B></TD></TR>

<TR STYLE="vertical-align: top">
   <TD STYLE="text-align: center">&nbsp;</TD>
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<TR STYLE="vertical-align: top">

   <TD STYLE="white-space: nowrap; width: 19%; text-align: center"><B><FONT size=1 face=Arial>Joseph Harroz, Jr.<SUP>3</SUP></FONT></B><BR><FONT size=1 face=Arial>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>January 1967</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since April 2021</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 16%; text-align: center"><FONT size=1 face=Arial>President (2020-Present), Interim President<BR>(2019-2020), Vice President (2010-2019) and<BR>Dean, College of Law (2010-2019), University<BR>of Oklahoma; Managing Member, Harroz<BR>Investments, LLC, (commercial enterprises)<BR>(1998-2019); Managing Member, St. Clair, LLC<BR>(commercial enterprises) (2019-Present)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>89</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT size=1 face=Arial>Director, OU Medicine, Inc<BR>(2020-Present)<BR>Director and Shareholder,<BR>Valliance Bank<BR>(2007-Present)<BR>Director, Foundation<BR>Healthcare (formerly<BR>Graymark HealthCare)<BR>(2008-2017)<BR>Trustee, the Mewbourne<BR>Family Support<BR>Organization (2006-<BR>Present) (non-profit)<BR>Independent Director, LSQ<BR>Manager, Inc. (real estate)<BR>(2007-2016)<BR>Independent Chairman<BR>and Trustee, Waddell &amp;<BR>Reed Advisors Funds<BR>(WRA Funds)<BR>(Independent<BR>Chairman: 2015-2018;<BR>Trustee: 1998-2018)</FONT></TD></TR>

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<TR STYLE="vertical-align: top">

   <TD STYLE="white-space: nowrap; width: 19%; text-align: center"><B><FONT size=1 face=Arial>Sandra A.J. Lawrence<SUP>3</SUP></FONT></B><BR><FONT size=1 face=Arial>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>September 1957</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since April 2021</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 16%; text-align: center"><FONT size=1 face=Arial>Chief Administrative Officer, Children&#8217;s Mercy<BR>Hospitals and Clinics (2016-2019); CFO,<BR>Children&#8217;s Mercy Hospitals and Clinics (2005-<BR>2016)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>89</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT size=1 face=Arial>Director, Hall Family<BR>Foundation (1993-Present)<BR>Director, Westar Energy<BR>(utility) (2004-2018)<BR>Museum of Art (non-<BR>profit) (2007-2020)<BR>Director, Turn the Page KC<BR>(non-profit) (2012-2016)<BR>Director, Kansas<BR>Metropolitan Business and<BR>Healthcare Coalition (non-<BR>profit) (2017-2019)<BR>Director, National<BR>Association of Corporate<BR>Directors (non-profit)<BR>(2017-Present)<BR>Director, American Shared<BR>Hospital Services (medical<BR>device) (2017-Present)<BR>Director, Evergy, Inc.,<BR>Kansas City Power &amp; Light<BR>Company, KCP&amp;L Greater<BR>Missouri Operations<BR>Company, Westar Energy,<BR>Inc. and Kansas Gas and<BR>Electric Company (related<BR>utility companies)<BR>(2018-Present)<BR>Director, Stowers<BR>(research) (2018)<BR>CoChair, Women<BR>Corporate Directors<BR>(director education)<BR>(2018-2020)<BR>Trustee, Ivy<BR>NextShares (2019)</FONT></TD></TR></TABLE>

<P STYLE="text-align: right"><FONT size=2 face=Arial>71</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Board of trustees / directors and officers addendum<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie</FONT></P>


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



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 19%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Name,<BR>Address,<BR>and Birth Date</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Position(s)<BR>Held with<BR>Trust</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Length of Time<BR>Served</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 16%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Principal<BR>Occupation(s)<BR>During the<BR>Past Five Years</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 13%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Number of<BR>Portfolios in Fund<BR>Complex Overseen<BR>by Trustee<BR>or Officer</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 17%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>or Officer</FONT></B></TD></TR>

<TR STYLE="vertical-align: top">
   <TD STYLE="text-align: center">&nbsp;</TD>
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<TR STYLE="vertical-align: top">

   <TD STYLE="white-space: nowrap; width: 19%; text-align: center"><B><FONT size=1 face=Arial>Frances A.<BR>Sevilla-Sacasa</FONT></B><BR><FONT size=1 face=Arial>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>January 1956</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since September 2011</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 16%; text-align: center"><FONT size=1 face=Arial>Private Investor<BR>(January 2017&#8211;Present)<BR>Chief Executive Officer &#8212; Banco Ita&#250;<BR>International<BR>(April 2012&#8211;December 2016)<BR>Executive Advisor to Dean (August 2011&#8211;<BR>March 2012) and Interim Dean<BR>(January 2011&#8211;July 2011) &#8212; University of<BR>Miami School of Business Administration<BR>President &#8212; U.S. Trust, Bank of America<BR>Private Wealth Management (Private Banking)<BR>(July 2007-December 2008)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT size=1 face=Arial>Trust Manager and Audit<BR>Committee Chair &#8212;<BR>Camden Property Trust<BR>(August 2011&#8211;Present)<BR>Director; Strategic<BR>Planning and Reserves<BR>Committee and<BR>Nominating<BR>and Governance<BR>Committee Member &#8212;<BR>Callon Petroleum<BR>Company<BR>(December 2019&#8211;Present)<BR>Director &#8212; New Senior<BR>Investment Group Inc.<BR>(January 2021&#8211;Present)<BR>Director; Audit Committee<BR>Member &#8212; Carrizo Oil &amp;<BR>Gas, Inc. (March 2018&#8211;<BR>December 2019)</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; width: 19%; text-align: center"><B><FONT size=1 face=Arial>Thomas K. Whitford</FONT></B><BR><FONT size=1 face=Arial>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>March 1956</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since January 2013</FONT></TD>

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   <TD STYLE="white-space: nowrap; width: 16%; text-align: center"><FONT size=1 face=Arial>Vice Chairman (2010&#8211;April 2013) &#8212;<BR>PNC Financial Services Group</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT size=1 face=Arial>Director &#8212; HSBC North<BR>America Holdings Inc.<BR>(December 2013&#8211;Present)<BR>Director &#8212; HSBC USA Inc.<BR>(July 2014&#8211;Present)<BR>Director &#8212; HSBC Bank<BR>USA, National Association<BR>(July 2014&#8211;March 2017)<BR>Director &#8212; HSBC Finance<BR>Corporation<BR>(December 2013&#8211;April<BR>2018)</FONT></TD></TR></TABLE>

<P STYLE="text-align: left"><FONT size=2 face=Arial>72</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>


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   <TD STYLE="border-bottom: Black 1pt solid; width: 19%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Name,<BR>Address,<BR>and Birth Date</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Position(s)<BR>Held with<BR>Trust</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Length of Time<BR>Served</FONT></B></TD>

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   <TD STYLE="border-bottom: Black 1pt solid; width: 16%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Principal<BR>Occupation(s)<BR>During the<BR>Past Five Years</FONT></B></TD>

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   <TD STYLE="border-bottom: Black 1pt solid; width: 13%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Number of<BR>Portfolios in Fund<BR>Complex Overseen<BR>by Trustee<BR>or Officer</FONT></B></TD>

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   <TD STYLE="border-bottom: Black 1pt solid; width: 17%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>or Officer</FONT></B></TD></TR>

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   <TD STYLE="width: 19%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial><B>Christianna Wood</B><BR>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>August 1959</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since January 2019</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 16%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Chief Executive Officer and President &#8212; Gore<BR>Creek Capital, Ltd. (August 2009&#8211;Present)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 17%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Director; Finance<BR>Committee and Audit<BR>Committee Member &#8212;<BR>H&amp;R Block Corporation<BR>(July 2008&#8211;Present)<BR>Director; Investments<BR>Committee, Capital and<BR>Finance Committee, and<BR>Audit Committee Member<BR>&#8212; Grange Insurance<BR>(2013&#8211;Present)<BR>Trustee; Chair of<BR>Nominating and<BR>Governance Committee<BR>and Audit Committee<BR>Member &#8212; The Merger<BR>Fund (2013&#8211;Present), The<BR>Merger Fund VL (2013&#8211;<BR>Present); WCM<BR>Alternatives: Event-Driven<BR>Fund (2013&#8211;Present), and<BR>WCM Alternatives: Credit<BR>Event Fund (December<BR>2017&#8211;Present)<BR>Director; Chair of<BR>Governance Committee<BR>and Audit Committee<BR>Member &#8212; International<BR>Securities Exchange<BR>(2010&#8211;2016)</FONT></TD></TR>

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   <TD STYLE="width: 19%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial><B>Janet L. Yeomans</B><BR>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>July 1948</FONT></TD>

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   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Trustee</FONT></TD>

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   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Since April 1999</FONT></TD>

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   <TD STYLE="width: 16%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Vice President and Treasurer (January 2006&#8211;<BR>July 2012), Vice President &#8212; Mergers &amp;<BR>Acquisitions<BR>(January 2003&#8211;January 2006), and Vice<BR>President and Treasurer<BR>(July 1995&#8211;January 2003) &#8212; 3M Company</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 17%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Director; Personnel and<BR>Compensation Committee<BR>Chair; Member of<BR>Nominating, Investments,<BR>and Audit Committees for<BR>various periods<BR>throughout directorship<BR>&#8212; Okabena Company<BR>(2009&#8211;2017)</FONT></TD></TR>

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   <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; width: 100%; white-space: nowrap; text-align: left"><B><FONT size=1 face=Arial>Officers</FONT></B></TD></TR>

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   <TD STYLE="width: 19%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial><B>David F. Connor</B><BR>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>December 1963</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President,<BR>General Counsel, and<BR>Secretary</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President,<BR>since May 2013; General<BR>Counsel since May 2015;<BR>Secretary since October<BR>2005</FONT></TD>

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   <TD STYLE="width: 16%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>David F. Connor has served in various<BR>capacities at different times at Macquarie<BR>Investment Management.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

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   <TD STYLE="width: 17%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>None<SUP>4</SUP></FONT></TD></TR>

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   <TD STYLE="width: 19%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial><B>Daniel V. Geatens</B><BR>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>October 1972</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President and<BR>Treasurer </FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President and<BR>Treasurer since October<BR>2007</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 16%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Daniel V. Geatens has served in various<BR>capacities at different times at Macquarie<BR>Investment Management.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 17%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>None<SUP>4</SUP></FONT></TD></TR>

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   <TD STYLE="width: 19%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial><B>Richard Salus</B><BR>100 Independence,<BR>610 Market Street<BR>Philadelphia, PA<BR>19106-2354<BR>October 1963</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President and<BR>Chief Financial Officer</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Senior Vice President and<BR>Chief Financial Officer<BR>since November 2006</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 16%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>Richard Salus has served in various capacities<BR>at different times at Macquarie Investment<BR>Management.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 13%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>160</FONT></TD>

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   <TD STYLE="width: 17%; white-space: nowrap; text-align: center"><FONT size=1 face=Arial>None</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>73</FONT></P>

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<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color=#b2b2b2>Board of trustees / directors and officers addendum<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Funds<SUP>&#174; </SUP>by Macquarie</FONT></P>


<P STYLE="margin-bottom: 4pt; text-align: left"><FONT size=1 face=Arial><SUP>1 </SUP>Shawn K. Lytle is considered to be an &#8220;Interested Trustee&#8221; because he is an executive officer of the Manager.</FONT></P>

<P STYLE="margin-bottom: 4pt; margin-top: 4pt; text-align: left"><FONT size=1 face=Arial><SUP>2 </SUP>Macquarie Investment Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds&#8217; Manager, principal underwriter, and transfer agent.</FONT></P>

<P STYLE="margin-bottom: 4pt; margin-top: 4pt; text-align: left"><FONT size=1 face=Arial><SUP>3 </SUP>Messrs. Dobbs and Harroz and Ms. Lawrence were appointed as Trustees of the Trust effective April 30, 2021.</FONT></P>

<P style="margin-top: 4pt; TEXT-ALIGN: left"><FONT size=1 face=Arial><SUP>4 </SUP>David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>74</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="Abouttheorganization"></A>About the organization</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This annual report is for the information of Delaware Funds<SUP>&#174; </SUP>by Macquarie Closed-End Municipal Bond Funds shareholders.</FONT></P>

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   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Board of directors/trustees</FONT></B></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Shawn K. Lytle<BR></B>President and<BR>Chief Executive Officer<BR>Delaware Funds by Macquarie<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Jerome D. Abernathy*<BR></B>Managing Member<BR>Stonebrook Capital Management, LLC<BR>Jersey City, NJ</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Thomas L. Bennett<BR></B>Chairman of the Board<BR>Delaware Funds by Macquarie<BR>Private Investor<BR>Rosemont, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Ann D. Borowiec<BR></B>Former Chief Executive Officer<BR>Private Wealth Management<BR>J.P. Morgan Chase &amp; Co.<BR>New York, NY</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Joseph W. Chow<BR></B>Former Executive Vice President<BR>State Street Corporation<BR>Boston, MA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>H. Jeffrey Dobbs<BR></B>Former Global Chairman<BR>of Industrial Manufacturing<BR>KPMG LLP<BR>Detroit, MI</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>John A. Fry*<BR></B>President<BR>Drexel University<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Joseph Harroz, Jr.<BR></B>President<BR>University of Oklahoma<BR>Norman, OK</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Sandra A.J. Lawrence<BR></B>Former Chief Administrative Officer<BR>Children&#8217;s Mercy Hospitals and Clinics<BR>Kansas City, MO</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>*Audit committee member</FONT></P></TD>

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   <TD width="32%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Frances A. Sevilla-Sacasa<BR></B>Former Chief Executive Officer<BR>Banco Ita&#250; International<BR>Miami, FL</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Thomas K. Whitford*<BR></B>Former Vice Chairman<BR>PNC Financial Services Group<BR>Pittsburgh, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Christianna Wood*<BR></B>Chief Executive Officer and President<BR>Gore Creek Capital, Ltd.<BR>Golden, CO</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Janet L. Yeomans<BR></B>Former Vice President and Treasurer<BR>3M Company<BR>St. Paul, MN</FONT></P>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Affiliated officers</FONT></B></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>David F. Connor<BR></B>Senior Vice President,<BR>General Counsel, and Secretary<BR>Delaware Funds by Macquarie<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Daniel V. Geatens<BR></B>Senior Vice President and Treasurer<BR>Delaware Funds by Macquarie<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Richard Salus<BR></B>Senior Vice President and<BR>Chief Financial Officer<BR>Delaware Funds by Macquarie<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Investment manager<BR></B>Delaware Management Company, a series<BR>of Macquarie Investment Management<BR>Business Trust (MIMBT)<BR>Philadelphia, PA</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Principal office of the Fund<BR></B>610 Market Street<BR>Philadelphia, PA 19106-2354</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Independent registered public accounting firm<BR></B>PricewaterhouseCoopers LLP<BR>Two Commerce Square<BR>Suite 1800<BR>2001 Market Street<BR>Philadelphia, PA 19103-7042</FONT></P></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Registrar and stock transfer agent<BR></B>Computershare, Inc.<BR>480 Washington Blvd.<BR>Jersey City, NJ 07310<BR>866 437-0252<BR>computershare.com/investor</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>For securities dealers and financial<BR>institutions representatives<BR></B>800 362-7500</FONT></P>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Website<BR></FONT></B><FONT size=2 face=Arial>delawarefunds.com/closed-end</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Number of recordholders as of<BR></B>March 31, 2021</FONT><BR><FONT size=2 face=Arial>Colorado Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48<BR>Minnesota Municipal Fund II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245<BR>National Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55</FONT></P>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Your reinvestment options</FONT></B><BR><FONT size=1 face=Arial>Each of the Funds offers an automatic dividend reinvestment program. If you would like to reinvest dividends, and shares are registered in your name, contact Computershare, Inc. at 866 437-0252. You will be asked to put your request in writing. If you have shares registered in &#8220;street&#8221; name, contact the broker/dealer holding the shares or your financial advisor. If you choose to receive your dividends in cash, you may now elect to receive them by ACH transfer. Contact Computershare at the number above for more information.</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=1 face=Arial>Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund&#8217;s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 866 437-0252; and (ii) on the SEC&#8217;s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds&#8217; most recent Forms N-PORT are available without charge on the Funds&#8217; website at delawarefunds.com/closed-end. Each Fund&#8217;s Forms N-PORT may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=1 face=Arial>Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds&#8217; website at delawarefunds.com/proxy; and (ii) on the SEC&#8217;s website at sec.gov.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>75</FONT></P>

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<DIV STYLE="page-break-before: always"></DIV>

<P style="text-align: left;"><FONT size=2 face="Times New Roman">Item 2. Code of Ethics</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left">
<FONT size=2 face="Times New Roman">The registrant has adopted a code of ethics that applies to the registrant&#146;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant&#146;s Code of Business Ethics has been posted on the Delaware Funds<SUP>&#174; </SUP>by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.</FONT></P>
<P style="text-align: left;"><FONT size=2 face="Times New Roman">Item 3. Audit Committee Financial Expert</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The registrant&#146;s Board of Trustees has determined that certain members of the registrant&#146;s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an &#147;audit committee financial expert&#148; is a person who has the following attributes:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">a. An understanding of generally accepted accounting principles and financial statements;</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant&#146;s financial statements, or experience actively supervising one or more persons engaged in such activities;</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">d. An understanding of internal controls and procedures for financial reporting; and</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">e. An understanding of audit committee functions.</FONT></P>
<P style="text-align: left;"><FONT size=2 face="Times New Roman">An &#147;audit committee financial expert&#148; shall have acquired such attributes through:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">d. Other relevant experience.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The registrant&#146;s Board of Trustees has also determined that each member of the registrant&#146;s Audit Committee is independent. In order to be &#147;independent&#148; for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an &#8220;interested person&#8221; of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The names of the audit committee financial experts on the registrant&#8217;s Audit Committee are set forth below:</FONT></P>
<P STYLE="margin-left: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Jerome D. Abernathy<BR>John A. Fry<BR>Thomas K. Whitford, Chair<BR>Christianna Wood</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 4. Principal Accountant Fees and Services</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Audit fees</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#8217;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $38,440 for the fiscal year ended March 31, 2021.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant&#8217;s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $39,200 for the fiscal year ended March 31, 2020.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Audit-related fees</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the registrant&#8217;s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2021.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant&#8217;s fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the registrant&#8217;s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2020.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for services relating to the performance of the audit of the financial statements of the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $909,000 for the registrant&#8217;s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Tax fees</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant were $3,500 for the fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant were $3,500 for the fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed by the registrant&#8217;s independent auditors for tax-related services provided to the registrant&#8217;s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">All other fees</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2021.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#8217;s independent auditors to the registrant&#8217;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2020.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant&#8217;s independent auditors to the registrant&#8217;s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant&#8217;s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant&#8217;s Audit Committee pursuant to the <U>de</U> <U>minimis</U> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(e) The registrant&#8217;s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the &#8220;Pre-Approval Policy&#8221;) with respect to services provided by the registrant&#8217;s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds<SUP>&#174; </SUP>by Macquarie.</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; background-color: Silver; border: Black 1pt solid; width: 80%; white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">Service</FONT></B></TD>
   <TD STYLE="border-top: Black 1pt solid; padding: 2pt 4pt; background-color: Silver; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Range of Fees</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Audit Services</FONT></B></TD>
   <TD STYLE="padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Statutory audits or financial audits for new Funds</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $50,000 per Fund</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $10,000 per Fund</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered &#8220;audit-related services&#8221; rather than &#8220;audit services&#8221;)</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $25,000 in the aggregate</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Audit-Related Services</FONT></B></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered &#8220;audit services&#8221; rather than &#8220;audit-related services&#8221;)</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $25,000 in the aggregate</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Tax Services</FONT></B></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds&#8217; tax compliance function, etc.)</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $25,000 in the aggregate</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $5,000 per Fund</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding: 2pt 4pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Review of federal, state, local and international income, franchise and other tax returns</FONT></TD>
   <TD STYLE="vertical-align: middle; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">up to $5,000 per Fund</FONT></TD></TR></TABLE>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant&#8217;s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the &#8220;Control Affiliates&#8221;) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.</FONT></P>
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<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; border: Black 1pt solid; padding: 2pt 4pt; width: 80%; white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">Service</FONT></B></TD>
   <TD STYLE="border-top: Black 1pt solid; background-color: Silver; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Range of Fees</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; width: 80%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Non-Audit Services</FONT></B></TD>
   <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 4pt; border-bottom: Black 1pt solid; width: 80%; text-align: left"><FONT size=2 face="Times New Roman">Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding: 2pt 4pt; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">up to $10,000 in the aggregate</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The Pre-Approval Policy requires the registrant&#8217;s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(f) Not applicable.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(g) The aggregate non-audit fees billed by the registrant&rsquo;s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $8,455,000 and $4,687,000 for the registrant&rsquo;s fiscal years ended March 31, 2021 and March 31, 2020, respectively.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(h) In connection with its selection of the independent auditors, the registrant&#8217;s Audit Committee has considered the independent auditors&#8217; provision of non-audit services to the registrant&#8217;s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors&#8217; provision of these services is compatible with maintaining the auditors&#8217; independence.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 5. Audit Committee of Listed Registrants</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the registrant&#8217;s Audit Committee are Jerome D. Abernathy, John A. Fry, Thomas K. Whitford and Christianna Wood.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 6. Investments</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The registrant has formally delegated to its investment adviser, Delaware Management Company, a series of Macquarie Investment Management Business Trust (the &ldquo;Adviser&rdquo;) the responsibility for making all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser and any Macquarie affiliates advising the registrant will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the &ldquo;Procedures&rdquo;). The Adviser has established a Proxy Voting Committee (the &ldquo;Committee&rdquo;), which is responsible for overseeing the Adviser&rsquo;s proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Adviser to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">In order to facilitate the actual process of voting proxies, the Adviser has contracted with Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;) to analyze proxy statements on behalf of the registrant and other Adviser clients and provide the Adviser with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing ISS&rsquo;s services. If a proxy has been voted for the registrant, ISS will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12- month period ended June 30 is available without charge (i) through the registrant&rsquo;s website at http://delawarefunds.com/proxy; and (ii) on the Securities and Exchange Commission&rsquo;s website at http://www.sec.gov.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">When determining whether to invest in a particular company, one of the factors the Adviser may consider is the quality and depth of the company&rsquo;s management. As a result, the Adviser believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, the Adviser&rsquo;s votes are cast in accordance with the recommendations of the company&rsquo;s management. However, the Adviser may vote against management&rsquo;s position when it runs counter to its specific Proxy Voting Guidelines (the &ldquo;Guidelines&rdquo;), and the Adviser will also vote against management&rsquo;s recommendation when it believes that such position is not in the best interests of the registrant.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure; quorum requirements; and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis; (iv) generally vote re-incorporation proposals on a case-by-case basis; (v) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (vi) generally vote for proposals requesting that a company report on its policies, initiatives, oversight mechanisms, and ethical standards related to social, economic, and environmental sustainability, unless company already provides similar reports through other means or the company has formally committed to the implementation of a reporting program based on Global Reporting Initiative guidelines or a similar standard; and (vii) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Because the registrant has delegated proxy voting to the Adviser, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, the Adviser does have a section in its Procedures that addresses the possibility of conflicts of interest. Most of the proxies which the Adviser receives on behalf of its clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by the Adviser&rsquo;s portfolio management teams when voting proxies after reviewing the proxy and research provided by ISS should in most instances adequately address any potential conflicts of interest. If the Adviser becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee&rsquo;s delegates for review. If the portfolio management team for such proxy intends to vote in accordance with ISS&rsquo;s recommendation pursuant to our Procedures, then no further action is needed to be taken by the Committee. If the Adviser&rsquo;s portfolio management team is considering voting a proxy contrary to ISS&rsquo;s research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between the Adviser and a portfolio company (unrelated to the ownership of the portfolio company&rsquo;s securities) could have influenced an inconsistent vote on that company&rsquo;s proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with ISS&rsquo;s research recommendation or abstain from voting.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The information in the annual report under &#8220;Other Fund information &#8211; Fund management&#8221; is incorporated by reference into this Item 8.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Other Accounts Managed</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of March 31, 2021, unless otherwise noted. Any accounts managed in a personal capacity appear under &#8220;Other Accounts&#8221; along with the other accounts managed on a professional basis.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 4pt; width: 21%; white-space: nowrap; text-align: left; background-color: Black"></TD>
   <TD STYLE="padding-right: 4pt; width: 12%; white-space: nowrap; text-align: left; background-color: Black; padding-left: 4pt"></TD>
   <TD STYLE="padding-right: 4pt; width: 19%; white-space: nowrap; text-align: left; background-color: Black; padding-left: 4pt"></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT COLOR=#FFFFFF size=2 face="Times New Roman">No. of Accounts with</FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT COLOR=#FFFFFF size=2 face="Times New Roman">Total Assets in Accounts</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 4pt; width: 21%; white-space: nowrap; text-align: left; background-color: Black"></TD>
   <TD STYLE="padding-right: 4pt; width: 12%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman">No. of</FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 19%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman">Total Assets</FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman">Performance-</FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman">with Performance-</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 4pt; width: 21%; white-space: nowrap; text-align: left; background-color: Black"></TD>
   <TD STYLE="padding-right: 4pt; width: 12%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman"><U>Accounts</U></FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 19%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman"><U>Managed</U></FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman"><U>Based Fees</U></FONT></B></TD>
   <TD STYLE="padding-right: 4pt; width: 24%; white-space: nowrap; text-align: center; background-color: Black; padding-left: 4pt"><B><FONT size=2 color=#ffffff face="Times New Roman"><U>Based Fees</U></FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: rgb(218,218,218); padding-left: 4pt; width: 21%; white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">Gregory A. Gizzi</FONT></B></TD>
   <TD STYLE="background-color: rgb(218,218,218); padding-right: 4pt; width: 12%; white-space: nowrap; text-align: left; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); padding-right: 4pt; width: 19%; white-space: nowrap; text-align: left; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); padding-right: 4pt; width: 24%; white-space: nowrap; text-align: left; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); padding-right: 4pt; width: 24%; white-space: nowrap; text-align: left; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2  face="Times New Roman">Registered Investment</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">18</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$7.0 billion</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Companies</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Pooled</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Investment Vehicles</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Accounts</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">36</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$3.8 billion</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: rgb(218,218,218); width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><B><FONT size=2 face="Times New Roman">Stephen J. Czepiel</FONT></B></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Registered Investment</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">18</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$7.0 billion</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Companies</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Pooled</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Investment Vehicles</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Accounts</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">23</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$3.5 billion</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: rgb(218,218,218); width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><B><FONT size=2 face="Times New Roman">Jake van Roden</FONT></B></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="background-color: rgb(218,218,218); width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Registered Investment</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">17</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$6.3 billion</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Companies</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Pooled</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Investment Vehicles</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: left; padding-right: 4pt; padding-left: 4pt"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 21%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Other Accounts</FONT></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">0</FONT></TD>
   <TD STYLE="width: 24%; white-space: nowrap; text-align: center; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">$0</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF MATERIAL CONFLICTS OF INTEREST</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Funds and the investment action for such other fund or account and the Funds may differ. For example, an account or fund may be selling a security, while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account or the Funds. Additionally, the management of multiple other funds or accounts and the Funds may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple other funds or accounts and the Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Adviser has adopted procedures designed to allocate investments fairly across multiple funds or accounts.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Some of the accounts managed by the portfolio managers have a performance-based fee. This compensation structure presents a potential conflict of interest. The portfolio manager has an incentive to manage this account so as to enhance its performance, to the possible detriment of other accounts for which the investment manager does not receive a performance-based fee.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">A portfolio manager&#8217;s management of personal accounts also may present certain conflicts of interest. While Delaware&#8217;s code of ethics is designed to address these potential conflicts, there is no guarantee that it will do so.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Compensation Structure</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Each portfolio&#8217;s manager&#8217;s compensation consists of the following:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><B><I><FONT size=2 face="Times New Roman">Base Salary - </FONT></I></B><FONT size=2 face="Times New Roman">Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><B><I><FONT size=2 face="Times New Roman">Bonus </FONT></I></B><B><FONT size=2 face="Times New Roman">- </FONT></B><FONT size=2 face="Times New Roman">An objective component is added to the bonus for each manager that is reflective of account performance relative to an appropriate peer group or database. The following paragraph describes the structure of the non-guaranteed bonus.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The pool is allotted based on subjective factors and objective factors. The amount of the pool for bonus payments is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. For investment companies, each manager is compensated according to the Fund&#8217;s Broadridge Financial Solutions, Inc. (formerly, Lipper Inc.) or Morningstar peer group percentile ranking on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted. For managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the eVestment Alliance database (or similar sources of relative performance data) on a one-, three-, and five-year basis, with longer term performance more heavily weighted; composite performance relative to the benchmark is also evaluated for the same time periods. Incentives reach maximum potential at the top 25th-30th percentile. The remaining portion of the bonus is discretionary as determined by Macquarie Investment Management and takes into account subjective factors.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager&#8217;s actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Portfolio managers participate in retention programs, including the Macquarie Investment Management Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><B><I><FONT size=2 face="Times New Roman">Macquarie Investment Management Notional Investment Plan </FONT></I></B><FONT size=2 face="Times New Roman">&#8212; A portion of a portfolio manager&#8217;s retained profit share may be notionally exposed to the return of certain funds within MIM Funds pursuant to the terms of the Macquarie Investment Management Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><B><I><FONT size=2 face="Times New Roman">Macquarie Group Employee Retained Equity Plan </FONT></I></B><FONT size=2 face="Times New Roman">&#8212; A portion of a portfolio manager&#8217;s retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan (&#8220;MEREP&#8221;), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><B><I><FONT size=2 face="Times New Roman">Oth</FONT></I></B><I><FONT size=2 face="Times New Roman">e</FONT></I><B><I><FONT size=2 face="Times New Roman">r Compensation </FONT></I></B><FONT size=2 face="Times New Roman">- Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">Ownership of Securities</FONT></U></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">As of March 31, 2021, the portfolio managers did not own any shares of the Fund.</FONT></P>
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<TR>
   <TD STYLE="width: 100%; border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 10. Submission of Matters to a Vote of Security Holders</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 11. Controls and Procedures</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The registrant&#8217;s principal executive officer and principal financial officer have evaluated the registrant&#8217;s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">There were no significant changes in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</FONT></P>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 13. Exhibits </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">(a) (1) Code of Ethics </FONT></P>
<P STYLE="text-indent: 30pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P STYLE="margin-left: 15pt; text-align: left"><FONT size=2 face="Times New Roman"><A HREF="mimnmif3904121-ex99cert.htm" STYLE="-sec-extract: exhibit">(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.</A></FONT></P>
<P STYLE="margin-left: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"><A HREF="mimnmif3904121-ex99906cert.htm" STYLE="-sec-extract: exhibit">(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.</A></FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf, by the undersigned, thereunto duly authorized.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS<SUP>&#174;</SUP> NATIONAL MUNICIPAL INCOME FUND</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>/s/SHAWN K. LYTLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Shawn K. Lytle</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>President and Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Date:&nbsp;</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>June 4, 2021</FONT></TD></TR></TABLE>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>/s/SHAWN K. LYTLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Shawn K. Lytle</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>President and Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Date:&nbsp;</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>June 4, 2021</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>/s/RICHARD
  SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="white-space: nowrap; text-align: left; width: 1%; padding-right: 8pt"><FONT face="Times New Roman" size=2>Date:</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>June 4, 2021</FONT></TD></TR></TABLE><BR>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>mimnmif3904121-ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT 99.CERT </FONT></B></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>CERTIFICATION</FONT></U></B></P>
<P align=left><FONT face="Times New Roman" size=2>I, Shawn K. Lytle, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 2pt"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>I have
      reviewed this report on Form N-CSR of Delaware Investments<SUP>&#174;</SUP> National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Based on my
      knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not misleading with respect to the period covered by this
  report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Based on my
      knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
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    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
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    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>designed such internal
      control over financial reporting, or caused such internal control over
      financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>evaluated the
      effectiveness of the registrant's disclosure controls and procedures and
      presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to
      the filing date of this report based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the period
      covered by this report that has materially affected, or is reasonably
      likely to materially affect, the registrant&#146;s internal control over
      financial reporting; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>all significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant's ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD align=right width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant's internal control over financial
      reporting.</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>Date: June 4, 2021</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>/s/SHAWN K. LYTLE</FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Shawn K. Lytle</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>President and Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


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

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 2pt"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>I have
      reviewed this report on Form N-CSR of Delaware Investments<SUP>&#174;</SUP> National Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Based on my
      knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not misleading with respect to the period covered by this
  report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>Based on my
      knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations, changes in net assets, and
      cash flows (if the financial statements are required to include a
      statement of cash flows) of the registrant as of, and for, the periods
      presented in this report;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>designed such internal
      control over financial reporting, or caused such internal control over
      financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>evaluated the
      effectiveness of the registrant's disclosure controls and procedures and
      presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to
      the filing date of this report based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the period
      covered by this report that has materially affected, or is reasonably
      likely to materially affect, the registrant&#146;s internal control over
      financial reporting; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>The
      registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>all significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant's ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD align=right width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=right><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant's internal control over financial
      reporting.</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>Date: June 4, 2021</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>/s/RICHARD SALUS</FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Chief Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>mimnmif3904121-ex99906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

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

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The Report fully
      complies with the requirements of Section 13(a) or Section 15(d) of the
      Securities Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The information
      contained in the Report fairly represents, in all material respects, the
      financial condition and results of operations of the registrant as of, and
      for, the periods presented in the Report.</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>Date: June 4, 2021</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/SHAWN K. LYTLE</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp; Shawn K. Lytle</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title: President and Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>/s/RICHARD SALUS</FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Chief Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act, or other document
authenticating, acknowledging, or otherwise adopting the signatures that appear
in typed form within the electronic version of this written statement required
by Section 906, has been provided to the registrant and will be retained by the
registrant and furnished to the SEC or its staff upon request. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
