<SEC-DOCUMENT>0001206774-22-001490.txt : 20220608
<SEC-HEADER>0001206774-22-001490.hdr.sgml : 20220608
<ACCEPTANCE-DATETIME>20220608154627
ACCESSION NUMBER:		0001206774-22-001490
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220608
DATE AS OF CHANGE:		20220608
EFFECTIVENESS DATE:		20220608

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:		221003420

	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>mimnmif4058541-ncsr.htm
<DESCRIPTION>CERTIFIED SHAREHOLDER REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<div>
<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Investment Company Act file number:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">811-07410</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Exact name of registrant as specified in charter:</FONT></TD>
   <TD width="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>
<TR vAlign=bottom>
   <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>
<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">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>
<TR vAlign=bottom>
   <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">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>
<TR vAlign=bottom>
   <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>
<TR vAlign=bottom>
   <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>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of fiscal year end:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">March 31</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">Date of reporting period:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">March 31, 2022</FONT></TD></TR></TABLE>
   <BR>

<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></DIV>

<P style="text-align: left;">
<FONT size=2 face="Times New Roman">Item 1. Reports to Stockholders</FONT></P>

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

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

  <TR vAlign=top>
    <TD noWrap align=left width="50%"><IMG border=0 src="mimcef4058541-ncsr1x1x1.jpg"></TD>
    <TD noWrap align=right width="50%"><IMG border=0 src="mimcef4058541-ncsr1x1x2.jpg"></TD></TR></TABLE><BR>


<P STYLE="text-align: right"><B><FONT size=5 face=Arial>Annual report</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial>Closed-end fund</FONT></P> <BR>

<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=Arial>March 31, 2022</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=6 face=Arial><A NAME="toc"></A>Table of contents</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><A HREF="#portfoliomanagementreview"><B><FONT size=2 face=Arial>Portfolio management review</FONT></B></A></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><A HREF="#portfoliomanagementreview"><B><FONT size=2 face=Arial>1</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#performancesummary"><B><FONT size=2 face=Arial>Performance summary</FONT></B><FONT size=3 face=Arial></FONT></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#performancesummary"><B><FONT size=2 face=Arial>3</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#fundbasics"><B><FONT size=2 face=Arial>Fund basics</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#fundbasics"><B><FONT size=2 face=Arial>6</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>Security type / sector / state / territory allocations</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>7</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#scheduleofinvestments"><B><FONT size=2 face=Arial>Schedule of investments</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#scheduleofinvestments"><B><FONT size=2 face=Arial>8</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#statementofassetsandliabilities"><B><FONT size=2 face=Arial>Statement of assets and liabilities</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#statementofassetsandliabilities"><B><FONT size=2 face=Arial>23</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#statementofoperations"><B><FONT size=2 face=Arial>Statement of operations</FONT></B><FONT size=3 face=Arial></FONT></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#statementofoperations"><B><FONT size=2 face=Arial>24</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#statementsofchangesinnetassets"><B><FONT size=2 face=Arial>Statements of changes in net assets</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#statementsofchangesinnetassets"><B><FONT size=2 face=Arial>25</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#statementofcashflows"><B><FONT size=2 face=Arial>Statement of cash flows</FONT></B><FONT size=3 face=Arial></FONT></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#statementofcashflows"><B><FONT size=2 face=Arial>26</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#financialhighlights"><B><FONT size=2 face=Arial>Financial highlights</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#financialhighlights"><B><FONT size=2 face=Arial>27</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#notestofinancialstatements"><B><FONT size=2 face=Arial>Notes to financial statements</FONT></B><FONT size=3 face=Arial></FONT></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#notestofinancialstatements"><B><FONT size=2 face=Arial>28</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#reportofindependentregisteredpublicaccountingfirm"><B><FONT size=2 face=Arial>Report of independent registered public accounting firm</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#reportofindependentregisteredpublicaccountingfirm"><B><FONT size=2 face=Arial>36</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#otherfundinformation"><B><FONT size=2 face=Arial>Other Fund information</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#otherfundinformation"><B><FONT size=2 face=Arial>37</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#boardoftrusteesandofficersaddendum"><B><FONT size=2 face=Arial>Board of trustees and officers addendum</FONT></B></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#boardoftrusteesandofficersaddendum"><B><FONT size=2 face=Arial>41</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="white-space: nowrap; text-align: left"><A HREF="#abouttheorganization"><B><FONT size=2 face=Arial>About the organization</FONT></B><FONT size=3 face=Arial></FONT></A></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#abouttheorganization"><B><FONT size=2 face=Arial>48</FONT></B></A></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Unless otherwise noted, views expressed herein are current as of March 31, 2022, and subject to change for events occurring after such date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund is not FDIC insured and is 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"><B><FONT size=2 face=Arial>Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund is 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;2022 Macquarie Management Holdings, Inc.</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="portfoliomanagementreview"></A>Portfolio management review</FONT><BR><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, 2022 (Unaudited)</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR vAlign=bottom>
   <TD STYLE="border-bottom: Black 1pt solid; width: 73%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Performance preview (for the year ended March 31, 2022)</FONT></B></TD>
   <TD STYLE="border-bottom: Black 1pt solid; width: 16%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; width: 10%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ market price</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1-year return</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>+0.92</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ NAV</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1-year return</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>-3.87</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-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: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1-year return</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>-8.88</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-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: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1-year return</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>-5.81</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>%</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=Arial>Past performance does not guarantee future results.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 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.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For complete, annualized performance for Delaware Investments National Municipal Income Fund, please see the table on page 3.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Economic backdrop</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the Fund&#8217;s fiscal year ended March 31, 2022, the US economy continued to bounce back from its sharp decline at the start of the coronavirus pandemic in 2020, benefiting as states and municipalities reopened their economies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>COVID-19 vaccines had promised to lower virus cases and hospitalization rates while boosting economic growth. New variants of the coronavirus, however, complicated the picture. The Delta variant emerged in the summer and fall. Then, in late 2021 and early 2022, the fast-spreading Omicron variant emerged, although it proved less likely than earlier variants to lead to severe health outcomes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Despite these multiple coronavirus waves, the US economy had strong growth for the fiscal year. In the second quarter of 2021, the country&#8217;s gross domestic product (GDP) expanded by an annualized 6.7%. In the third quarter, US GDP growth slowed to 2.3%, as the Delta variant alongside supply-chain concerns weighed on economic activity. By the fourth quarter of 2021, however, national growth reached an estimated 6.9%. Robust consumer and business spending drove the increase, which came despite rising Omicron cases, a sharp pickup in inflation, and expectations for several US Federal Reserve interest rate hikes. The US economy grew by 5.7% in 2021, the country&#8217;s strongest growth for any calendar year since 1984.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As the economy continued to expand, the employment situation similarly improved throughout the fiscal year. The US jobless rate, which began the 12-month period at 6.0%, fell steadily and by March had reached 3.6% &#8211; the lowest level seen since the start of the pandemic.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As inflation accelerated, the Fed signaled it would raise interest rates off its historic lows. In March 2022, the Fed raised its federal funds short-term interest rate by 0.25 percentage points. This was the central bank&#8217;s first rate increase since late 2018. The Fed also signaled that multiple additional interest rate increases were likely to follow in 2022.</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>The municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned -4.47% for the fiscal year. That decline came amid sharply rising interest rates in the first quarter of 2022.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the fiscal year, investors experienced two different sets of market conditions. For roughly the first three quarters of the fiscal year, municipal bonds benefited from a favorable technical backdrop &#8211; robust demand for tax-exempt debt alongside constrained supply. Other factors that boosted the performance of municipal bonds during this time frame included investors&#8217; continued confidence in issuers&#8217; underlying credit quality, ample fiscal stimulus from the federal government, higher-than-anticipated state and local tax collections, and expectations for higher future tax rates. With interest rates remaining low during the 12-month period, longer-dated, lower-rated municipal bonds were especially in demand due to their higher yields.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Starting in late 2021 and persisting through the rest of the fiscal year, market conditions shifted, as the Fed pivoted from seeing inflation as transitory to acting aggressively to slow rising prices. Meanwhile, concern about the Russia-Ukraine war added further uncertainty to the global economic environment. As rates in the US rose and investors expected more Fed rate hikes to come, the demand for municipal bonds steadily declined, leading to a less favorable technical backdrop for the asset class.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Yields on tax-exempt bonds rose for the fiscal year, while the municipal yield curve flattened, indicating that rates on shorter-term bonds rose more than on longer-dated bonds. Bonds with shorter maturities generally outperformed their intermediate- and longer-dated counterparts, while lower-rated bonds tended to outpace higher-quality issues.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>These tables show municipal bond returns by maturity length and by credit quality for the fiscal year.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>1</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>Portfolio management review<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Investments <SUP>&#174; </SUP>National Municipal Income Fund</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 Fund's fiscal year ended March 31, 2022:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Returns by maturity</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>1 year</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(1.51</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>3 years</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(3.31</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="96%" noWrap align=left><FONT size=2 face=Arial>5 years</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(4.48</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>10 years</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(4.79</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="96%" noWrap align=left><FONT size=2 face=Arial>22+ years</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(5.30</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Returns by credit rating</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>AAA</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(4.84</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>AA</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(4.59</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="96%" noWrap align=left><FONT size=2 face=Arial>A</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(4.23</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>BBB</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(3.85</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>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>We continue to manage the Fund following the same strategy we use regardless of the market backdrop. We emphasize a bottom-up investment approach, relying 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 Fund&#8217;s shareholders what we see 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 high-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. We prefer to own lower-rated issues because we believe they provide the Fund with greater opportunity to add long-term value for shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For the first three-quarters of this fiscal year in particular, our purchase activity for the Fund was relatively limited. With credit spreads narrowing and interest rates falling, we saw little need to make large portfolio adjustments because the bonds we already owned in the Fund were generally more attractive to us than the new opportunities the market was offering.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>When we did have funds available to invest via the proceeds of bond calls, maturities, or income payments, we sought to take advantage of attractive new issues available in the marketplace. When appropriate, we invested in longer-dated bonds in an effort to keep the Fund&#8217;s duration (interest-rate sensitivity) at our desired level.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In the first three months of 2022, as interest rates and bond yields rose and credit spreads widened, we engaged in various tax-loss swaps. With this strategy, we took advantage of opportunities to exchange bonds with lower yields for those with similar risk </FONT><FONT size=2 face=Arial>characteristics but higher yields. With this strategy, we improved the Fund&#8217;s income profile while also incurring a tax loss that we believe we may be able to apply to future gains.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Many of our swaps reflected a desire to enhance the Fund&#8217;s diversification. In February, the Fund acquired the assets of two state-specific tax-exempt bond funds: Delaware Investments<SUP>&#174; </SUP>Minnesota Municipal Income Fund II, Inc. and Delaware Investments<SUP>&#174;</SUP>Colorado Municipal Income Fund, Inc. As a result of this reorganization, the Fund gained more exposure to the Minnesota and Colorado state marketplaces than we found optimal. Thus, we quickly prioritized efforts to moderate that exposure. We swapped some Minnesota and Colorado holdings with newer ones that allowed us to achieve our diversification objectives while enhancing the Fund&#8217;s income profile. During the quarter, we made considerable progress in diversifying the Fund&#8217;s assets. We do, however, expect the diversification process to take time, given that the Minnesota and Colorado funds included various older bonds issued in much higher-interest rate environments, making them more difficult to replace in today&#8217;s lower-rate environment.</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>The performers for Delaware Investments National Municipal Income Fund were bonds issued for the Brightline high-speed rail project in South Florida. These nonrated bonds gained 14% for the Fund this fiscal year, far outpacing the Fund&#8217;s benchmark return. The bonds benefited from their relatively high income and limited interest rate sensitivity, as well as improved investor optimism about Brightline&#8217;s expanding market opportunity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Bonds for the Legacy Cares athletic complex project in Mesa, Arizona also contributed to the Fund performance, gaining 11% for the fiscal year. These bonds gained ground as the issuer saw more credit improvement than investors had apparently expected. A high coupon and near-term call date also provided additional cushion for the bonds in a rising interest rate environment.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In contrast, bonds for the Chiara Communities senior housing project in Waukesha, Wisconsin, hampered results, returning -19% for the fiscal year and significantly lagging the benchmark. These bonds lagged as the issuer faced ongoing credit challenges owing to difficulties ramping up occupancy in its retirement community following the difficult pandemic years.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Other detractors from the Fund&#8217;s performance were University of North Carolina hospital bonds (-10%). These high-quality, non-callable issues struggled, largely due to their relatively extended duration, which proved a negative performance factor as interest rates rose.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>2</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="performancesummary"></A>Performance summary<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, 2022 (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><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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>Average annual total returns through March 31, 2022</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 3%; 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;</TD>
   <TD COLSPAN="2" STYLE="width: 3%; 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;</TD>
   <TD COLSPAN="2" STYLE="width: 3%; 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;</TD>
   <TD COLSPAN="2" STYLE="width: 3%; 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="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="2%" noWrap align=right><FONT size=2 face=Arial>+0.92</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="2%" noWrap align=right><FONT size=2 face=Arial>+4.31</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="2%" noWrap align=right><FONT size=2 face=Arial>+4.65</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="2%" noWrap align=right><FONT size=2 face=Arial>+4.69</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 84%; 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: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>-3.87</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: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+3.78</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: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+4.83</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: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>+4.78</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>
 <BR>
<TABLE style="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><SUP>*</SUP></FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt"><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>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial><SUP>**</SUP></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>Total returns for the report period presented in the table differs from the return in &#8220;Financial highlights.&#8221; The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in &#8220;Financial highlights&#8221; are calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.</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 have a significant percentage of assets allocated to one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than more 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 (Fitch), 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 (S&amp;P), Moody&#8217;s Investors Service, and Fitch. 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</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 2 -->
<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">Performance summary<BR></FONT><FONT size=2 face=Arial color="#b2b2b2">Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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>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 Municipal Bond Index, mentioned on page 1, 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 does not guarantee future results. </font></b></p>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Market price versus net asset value (see notes on next page)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>March 31, 2021 through March 31, 2022</FONT></P>
<P align=center><IMG border=0 src="mimcef4058541-ncsr2x1x1.jpg"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>For period beginning March 31, 2012 through March 31, 2022</FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Starting value</FONT></B></TD>
   <TD STYLE="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Ending value</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="padding-right: 1pt; vertical-align: middle; width: 1%; text-align: center"><FONT size=2 face=Arial>
   <IMG BORDER="0" SRC="mimcef4058541-ncsr2x1x2.jpg"></FONT></TD>
   <TD STYLE="vertical-align: top; width: 93%; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ NAV</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$14.84</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$13.63</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1pt; vertical-align: middle; text-align: center">
   <IMG border=0 src="mimcef4058541-ncsr2x1x3.jpg"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ market price</FONT></P></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center">

   <P align=center><FONT size=2 face=Arial>$13.12</FONT></P></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center">

   <P align=center><FONT size=2 face=Arial>$12.65</FONT></P></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>4</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>Performance of a $10,000 Investment</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Average annual total returns from March 31, 2012 through March 31, 2022</FONT></P>
<P align=center><IMG border=0 src="mimcef4058541-ncsr2x2x1.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="border-top: Black 1pt solid; width: 94%; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>For period beginning March 31, 2012 through March 31, 2022</FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 2%; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Starting value</FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 2%; text-align: left; 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="padding-right: 1pt; vertical-align: middle; width: 1%; text-align: center"><FONT size=2 face=Arial>
   <IMG BORDER="0" SRC="mimcef4058541-ncsr2x1x3.jpg"></FONT></TD>
   <TD STYLE="vertical-align: top; width: 93%; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund @ NAV</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$10,000</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$16,032</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="padding-right: 1pt; vertical-align: middle; width: 1%; text-align: center"><FONT size=2 face=Arial>
   <IMG BORDER="0" SRC="mimcef4058541-ncsr2x1x2.jpg"></FONT></TD>
   <TD STYLE="vertical-align: top; width: 93%; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ NAV</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$10,000</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$15,808</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="padding-right: 1pt; vertical-align: middle; width: 1%; text-align: center">
   <IMG BORDER="0" SRC="mimcef4058541-ncsr2x2x2.jpg" STYLE="width: 22px; height: 5px"></TD>
   <TD STYLE="vertical-align: top; width: 93%; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund @ market price</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$10,000</FONT></P></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$15,761</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1pt; vertical-align: middle; width: 1%; text-align: center">
   <IMG border=0 src="mimcef4058541-ncsr2x2x3.jpg"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 93%; text-align: left">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) @ market price</FONT></P></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$10,000</FONT></P></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; text-align: center"></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 2%; text-align: center">

   <P align=center><FONT size=2 face=Arial>$15,130</FONT></P></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. 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 does not guarantee future results.</FONT></B></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>5</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="fundbasics"></A>Fund basics<BR></FONT><FONT size=2 face=Arial>As of March 31, 2022 (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;<BR></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<BR>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>$285 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>442</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>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>6</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="securitytypesectorstateterritoryallocations"></A>Security type / sector / state / territory allocations<BR></FONT><FONT size=2 face=Arial>As of March 31, 2022 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Sector designations may be different from 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; </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="96%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 96%; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds*</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="2%" noWrap align=right><B><FONT size=2 face=Arial>146.96</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="96%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>6.63</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="96%" noWrap align=left><FONT size=2 face=Arial>Education Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>19.16</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Electric Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>10.02</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="96%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>40.06</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Housing Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>7.83</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>10.98</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="96%" noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>9.33</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>15.47</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="96%" noWrap align=left><FONT size=2 face=Arial>State General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>9.15</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>13.16</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: 96%; 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"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4.45</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: 96%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Short-Term Investments</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>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>1.51</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: 96%; 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><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>148.47</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 STYLE="width: 96%; 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><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>(47.42</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: 96%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Liabilities Net of Receivables and Other Assets</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>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>(1.05</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 STYLE="width: 96%; 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><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="width: 2%; 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="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><I><FONT size=1 face=Arial>As of the date of this report, Delaware Investments 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="96%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" colSpan=2 noWrap align=center><FONT size=2 face=Arial>Percentage</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 96%; 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 COLSPAN="2" STYLE="width: 3%; 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="96%" noWrap align=left><FONT size=2 face=Arial>Alabama</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.18</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Arizona</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2.09</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="96%" noWrap align=left><FONT size=2 face=Arial>California</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>8.13</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Colorado</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>26.04</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="96%" noWrap align=left><FONT size=2 face=Arial>District of Columbia</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.19</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Florida</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2.78</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="96%" noWrap align=left><FONT size=2 face=Arial>Georgia</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1.33</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Guam</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Illinois</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>5.50</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Indiana</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.20</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="96%" noWrap align=left><FONT size=2 face=Arial>Kansas</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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 STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Louisiana</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.73</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="96%" noWrap align=left><FONT size=2 face=Arial>Maryland</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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 STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Massachusetts</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.19</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="96%" noWrap align=left><FONT size=2 face=Arial>Michigan</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.38</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Minnesota</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>59.61</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="96%" noWrap align=left><FONT size=2 face=Arial>Mississippi</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.35</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Missouri</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Montana</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.26</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Nebraska</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.09</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="96%" noWrap align=left><FONT size=2 face=Arial>New Jersey</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>3.14</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap 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="2%" noWrap align=right><FONT size=2 face=Arial>5.27</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="96%" noWrap align=left><FONT size=2 face=Arial>North Carolina</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.22</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Ohio</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.87</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="96%" noWrap align=left><FONT size=2 face=Arial>Oregon</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.19</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap 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="2%" noWrap align=right><FONT size=2 face=Arial>6.25</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="96%" noWrap 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="2%" noWrap align=right><FONT size=2 face=Arial>19.16</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Texas</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1.66</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="96%" noWrap align=left><FONT size=2 face=Arial>Utah</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Virginia</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" 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; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Washington</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.10</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Wisconsin</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>0.96</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: 96%; 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"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>0.18</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: 96%; 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><FONT size=2 face=Arial></FONT></B></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>148.47</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="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>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>7</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="scheduleofinvestments"></A>Schedule 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, 2022</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 width="1%" noWrap align=left></TD>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><B><FONT size=2 face=Arial>Principal</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="2%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <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: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 90%; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 2%; 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: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD COLSPAN="4" STYLE="width: 93%; 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 &#8212; 146.96%</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; 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: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="93%" colSpan=4 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporate Revenue Bonds &#8212; 6.63%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Arizona Industrial Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Legacy Cares, Inc. Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 144A 7.75%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>7/1/50 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>725,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>821,809</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Buckeye Tobacco Settlement</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Financing Authority</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Senior)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-2 4.00% 6/1/48</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>900,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>903,690</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Plains Energy Project</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Revenue, Nebraska</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Project No. 3)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 9/1/36</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>225,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>263,419</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="92%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Commonwealth Financing</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Revenue,</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pennsylvania</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Tobacco Master Settlement</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="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="90%" noWrap align=left><FONT size=2 face=Arial>Payment)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="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="90%" noWrap align=left><FONT size=2 face=Arial>4.00% 6/1/39 (AGM)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,015,000</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,065,506</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(United Airlines Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 10/1/32 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>215,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>221,433</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="92%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Florida Development Finance</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Surface Transportation</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>
   <TD width="91%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Brightline Passenger Rail</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="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="90%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="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="90%" noWrap align=left><FONT size=2 face=Arial>Series B 144A 7.375%</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="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="90%" noWrap align=left><FONT size=2 face=Arial>1/1/49 (AMT) #</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" 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="2%" noWrap align=right><FONT size=2 face=Arial>718,427</FONT></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Virgin Trains USA Passenger</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Rail Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 144A 6.50%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>1/1/49 (AMT) #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>475,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>475,879</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>George L Smith II Congress</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <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 COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Center Authority Revenue</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <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 COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Convention Center Hotel)</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <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: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/54</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,750,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,697,612</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>M-S-R Energy Authority, California</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Gas</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 6.50% 11/1/39</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>250,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>339,247</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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series C 7.00% 11/1/34</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,334,610</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Delta Air Lines, Inc. -</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>LaGuardia Airport Terminals</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>C&amp;D Redevelopment</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 1/1/36 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>767,115</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Public Authority for Colorado</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Energy Natural Gas Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>6.25% 11/15/28</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>865,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,002,743</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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>6.50% 11/15/38</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,032,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Wisconsin Airport Facilities</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Grand Hyatt San Antonio Hotel</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Acquisition Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 2/1/62</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,475,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,546,111</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><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"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(National Gypsum Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>7.25% 11/1/43 (AMT)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>310,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>323,767</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Paul Port Authority Solid Waste</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Disposal Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Gerdau St. Paul Steel Mill</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 7 144A 4.50%</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>10/1/37 (AMT) #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,415,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,422,414</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tobacco Settlement Financing</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporation, Louisiana</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Asset-Backed Note</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.25% 5/15/35</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>460,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>479,131</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Tobacco Settlement Financing</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporation, New Jersey</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 6/1/46</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>130,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>141,539</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>TSASC Revenue, New York</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Settlement)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 6/1/41</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>60,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>65,036</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Valparaiso, Indiana</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Pratt Paper Project)</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>7.00% 1/1/44 (AMT)</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>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; 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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>254,935</FONT></TD></TR>
<TR STYLE="vertical-align: 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: 90%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,876,523</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="4" STYLE="background-color: Silver; width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Education Revenue Bonds &#8212; 19.16%</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Arizona Industrial Development</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Revenue</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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 COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(American Charter Schools</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Foundation Project)</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD></TR>
<TR STYLE="vertical-align: 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: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>144A 6.00% 7/1/47 #</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>330,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>366,066</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>8</FONT></P>
<HR align=center SIZE=2 width="100%" noShade><DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 03 -->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></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: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

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

   <TD STYLE="width: 88%; white-space: nowrap; 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: center"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: center"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

   <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; 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>Municipal Bonds (continued)</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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 COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Bethel Charter School Lease</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Spectrum High School Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Series A 4.375% 7/1/52</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>1,100,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial></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>1,103,762</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Board of Trustees For Colorado</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Mesa University Enterprise</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 5.00% 5/15/49</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>750,000</FONT></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>861,240</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 COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Brooklyn Park Charter School</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Lease Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Prairie Seeds Academy</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 3/1/34</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>990,000</FONT></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>1,005,196</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 3/1/39</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>170,000</FONT></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>171,639</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California Educational Facilities</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Loma Linda University)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/47</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>500,000</FONT></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>547,980</FONT></TD></TR>

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Stanford University)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series V-1 5.00% 5/1/49</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>900,000</FONT></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>1,181,295</FONT></TD></TR>

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series V-2 2.25% 4/1/51</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>500,000</FONT></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>376,650</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 COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California School Finance</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Russell Westbrook Why Not?</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Academy - Obligated Group)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Series A 144A 4.00%</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>6/1/51 #</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>500,000</FONT></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>440,390</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Cologne Charter School Lease</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Cologne Academy Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: right"></TD>

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

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 7/1/29</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>270,000</FONT></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>279,588</FONT></TD></TR>

<TR vAlign=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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 7/1/45</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>445,000</FONT></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>453,655</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 COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado Educational &amp; Cultural</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>144A 5.00% 7/1/36 #</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>500,000</FONT></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>517,950</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.125% 11/1/49</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>765,000</FONT></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>798,316</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>144A 5.25% 7/1/46 #</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>500,000</FONT></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>516,180</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Alexander Dawson School-</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Nevada Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>5.00% 5/15/29</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>760,000</FONT></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>829,639</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Aspen View Academy Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>4.00% 5/1/41</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>175,000</FONT></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>177,445</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Atlas</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Preparatory School)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>144A 5.25% 4/1/45 #</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>700,000</FONT></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>700,756</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Community</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Leadership Academy)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>7.45% 8/1/48</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>500,000</FONT></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>524,850</FONT></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Peak to Peak</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Charter)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 8/15/34</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,051,280</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Global Village Academy -</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Northglenn Project)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>144A 5.00% 12/1/50 #</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>475,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>465,747</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Improvement - Charter School</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>- University Lab School</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Building)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/15/45</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>527,435</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Liberty Charter School)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 1/15/44</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,026,160</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Loveland Classical Schools)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>144A 5.00% 7/1/36 #</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>625,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>654,087</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Science Technology</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Engineering and Math</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Stem) School Project)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 11/1/54</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>727,237</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Skyview Charter School)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>144A 5.50% 7/1/49 #</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>772,380</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Vail Mountain School Project)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 5/1/46</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>25,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>24,760</FONT></TD></TR>

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

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado School of Mines</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 5.00% 12/1/42</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>270,000</FONT></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>275,856</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Deephaven Charter School</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Eagle Ridge Academy Project)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.25% 7/1/37</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>590,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>626,368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.25% 7/1/40</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>528,765</FONT></TD></TR>

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

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth Housing &amp; Redevelopment</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Duluth Public Schools</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Academy Project)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <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>Series A 5.00% 11/1/48</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>1,200,000</FONT></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>1,232,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Florida Development Finance</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Surface Transportation</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(River City Education Services</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-1 5.00% 7/1/51</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>395,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>421,749</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-1 5.00% 7/1/51</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,330,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,356,494</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-1 5.00% 2/1/57</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>575,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>607,160</FONT></TD></TR>

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

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Forest Lake Minnesota Charter</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>School Revenue</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Lake International Language</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Academy)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>

   <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: 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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.375% 8/1/50</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>915,000</FONT></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>979,526</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></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.75% 8/1/44</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>705,000</FONT></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>723,555</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>9</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>Schedule of investments<BR></FONT><FONT size=2 face=Arial COLOR=#B2B2B2>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%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="88%" noWrap 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=center></TD>

   <TD width="3%" noWrap align=center></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: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 88%; 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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="4" STYLE="width: 91%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Municipal Bonds (continued)</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>

   <TD STYLE="width: 3%; 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: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=Arial>Education 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=right></TD></TR>

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

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Health &amp; Educational Facilities</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Authority of the State of</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Missouri</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(St. Louis College of Pharmacy</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap 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="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>5.25% 5/1/33</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><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>518,545</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Hugo Charter School Lease</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Noble Academy Project)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/34</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>255,000</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>260,454</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/44</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>775,000</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>784,765</FONT></TD></TR>

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

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Illinois Finance Authority Revenue</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(CHF - Chicago, L.L.C. -</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>University Of Illinois at</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Chicago Project)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 2/15/50</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>460,000</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>489,983</FONT></TD></TR>

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Chicago International Charter</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>School Project)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>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>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>574,140</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Louisiana Public Facilities</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Provident Group-Flagship</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Properties)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/56</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>531,730</FONT></TD></TR>

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

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Massachusetts Development</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Finance Agency</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Umass Boston Student</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Housing Project)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

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

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/48</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>285,000</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>305,315</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Minneapolis Charter School Lease</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Hiawatha Academies Project)</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="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>776,280</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" 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="3%" noWrap align=right><FONT size=2 face=Arial>922,725</FONT></TD></TR>

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

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Minneapolis Student Housing</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap 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=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Riverton Community Housing</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" noWrap align=right></TD>

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

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

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

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.25% 8/1/39</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>205,000</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>211,312</FONT></TD></TR>

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

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.50% 8/1/49</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>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="3%" noWrap align=right><FONT size=2 face=Arial>1,020,819</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Minnesota Higher Education</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

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

   <TD width="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" noWrap align=right></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" 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="3%" noWrap align=right><FONT size=2 face=Arial>516,210</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="89%" colSpan=2 noWrap 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="3%" 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="3%" noWrap align=right><FONT size=2 face=Arial>1,016,939</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(College of St. Benedict)</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 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="88%" noWrap 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="3%" 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><FONT size=2 face=Arial></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>426,962</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Gustavus Adolphus College)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/47</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>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="3%" noWrap align=right><FONT size=2 face=Arial>2,879,526</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Macalester College)</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="3%" 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="3%" noWrap align=right><FONT size=2 face=Arial>958,887</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="3%" 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="3%" noWrap align=right><FONT size=2 face=Arial>638,904</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. Catherine University)</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 10/1/38</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>920,000</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>961,529</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 10/1/45</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>785,000</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>865,957</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. Johns University)</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series 8-I 5.00% 10/1/31</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>235,000</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>256,077</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series 8-I 5.00% 10/1/34</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>35,000</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>38,086</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. Olaf College)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series 8-N 4.00% 10/1/35</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>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="3%" noWrap align=right><FONT size=2 face=Arial>624,090</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Trustees Of The Hamline</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 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="88%" noWrap align=left><FONT size=2 face=Arial>University Of Minnesota)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 10/1/47</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>1,055,000</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>1,094,024</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(University of St. Thomas)</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>4.00% 10/1/44</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>645,000</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>673,928</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 10/1/40</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>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>857,168</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 10/1/37</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>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>532,135</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><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="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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Kaleidoscope Charter School)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>233,742</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="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 width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>402,864</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Philadelphia, Pennsylvania</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority for Industrial</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(1st Philadelphia Preparatory</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 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="88%" noWrap align=left><FONT size=2 face=Arial>College)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 7.25% 6/15/43</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>370,000</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>401,935</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Phoenix, Arizona Industrial</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Rowan University 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 6/1/42</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>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>1,004,870</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Pima County, Arizona Industrial</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development 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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Edkey Charter Schools</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 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="88%" noWrap 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="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 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="88%" noWrap align=left><FONT size=2 face=Arial>144A 5.00% 7/1/49 #</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>507,335</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>St. Cloud Charter School Lease</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Stride Academy 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 4/1/46</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>375,000</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>300,938</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>10</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%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

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

   <TD width="88%" noWrap 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=center></TD>

   <TD width="3%" noWrap align=center></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: 88%; 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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 90%; 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="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="width: 3%; 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: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" colSpan=3 noWrap 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=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 STYLE="vertical-align: bottom; background-color: Silver">

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

   <TD width="89%" colSpan=2 noWrap 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="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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Redevelopment 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Charter School Lease 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>(Academia Cesar Chavez</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/50</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>825,000</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>829,076</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>(Great River School 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 4.75% 7/1/29 #</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>100,000</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>103,444</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 5.50% 7/1/38 #</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>240,000</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>255,686</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>(Twin Cities Academy 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.30% 7/1/45</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>630,000</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>659,503</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of California</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series AI 5.00% 5/15/32</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>1,036,000</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Minnesota</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 9/1/40</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>1,240,000</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>1,408,863</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 9/1/42</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>2,000,000</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>2,269,620</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 4/1/44</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 width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,739,310</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Texas System Board</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 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="88%" noWrap align=left><FONT size=2 face=Arial>of Regents</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 8/15/49</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>1,295,260</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>University of Wyoming</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series C 4.00% 6/1/43 (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>460,000</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>499,132</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="88%" noWrap 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>54,537,624</FONT></TD></TR>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Electric Revenue Bonds &#8211; 10.02%</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 width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Central Minnesota Municipal</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Power Agency</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 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="88%" noWrap align=left><FONT size=2 face=Arial>(Brookings - Southeast Twin</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 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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cities Transmission 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 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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/38 (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>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>299,109</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Chaska Electric 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 10/1/28</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>445,000</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>486,260</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Fort Collins Electric Utility</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Enterprise 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 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="88%" noWrap 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="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>573,625</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Loveland Colorado Electric</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&amp; Communications Enterprise</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 12/1/44</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>1,060,000</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>1,213,965</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Long Island Power Authority, New</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 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="88%" noWrap align=left><FONT size=2 face=Arial>York Electric System 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 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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 9/1/47</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>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>341,603</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>265,355</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 9/1/46</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>130,000</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>143,350</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota Municipal Power</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Agency Electric 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/25</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>536,965</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/26</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>536,210</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/27</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>320,000</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>343,011</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 10/1/47</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>1,755,000</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>1,921,743</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Northern Municipal Power Agency</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/26</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>100,000</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>102,404</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/30</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>340,000</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>348,174</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Philadelphia, Pennsylvania Gas</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Works 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>(1998 General Ordinance</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifteenth Series)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/47</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>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>547,580</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Puerto Rico Electric Power</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 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="88%" noWrap 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="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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.05% 7/1/42 &#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>320,000</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>306,400</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series AAA 5.25% 7/1/25 &#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>180,000</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>173,250</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series CCC 5.25% 7/1/27</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>1,450,000</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>1,395,625</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series WW 5.00% 7/1/28 &#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>1,400,000</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>1,340,500</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series WW 5.25% 7/1/33</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>95,000</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>91,438</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series WW 5.50% 7/1/17 &#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>210,000</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>202,387</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series WW 5.50% 7/1/19 &#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>160,000</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>154,200</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series XX 4.75% 7/1/26 &#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>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>181,213</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series XX 5.25% 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>2,305,000</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>2,218,562</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series XX 5.75% 7/1/36 &#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>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>659,600</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series ZZ 4.75% 7/1/27 &#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>155,000</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>147,831</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series ZZ 5.00% 7/1/19 &#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>280,000</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>267,400</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series ZZ 5.25% 7/1/24 &#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>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>240,625</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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Rochester Electric Utility 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>669,808</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,082,328</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Southern Minnesota Municipal</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Power Agency Supply 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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/41</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>240,000</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>261,170</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/47</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>1,650,000</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>1,851,465</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="89%" colSpan=2 noWrap 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="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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Redevelopment 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Charter School Lease 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>298,848</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="88%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>834,344</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Western Minnesota Municipal</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Power Agency Supply 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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/25</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>3,000,000</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>3,076,170</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/26</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>1,025,090</FONT></TD></TR>

<TR vAlign=bottom>

   <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="88%" noWrap 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="3%" noWrap align=right><FONT size=2 face=Arial>3,860,000</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>4,389,360</FONT></TD></TR>

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

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

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

   <TD width="88%" noWrap 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>28,526,968</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds &#8211; 40.06%</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 STYLE="vertical-align: bottom; background-color: Silver">

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

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Alabama Special Care Facilities</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%; white-space: nowrap; text-align: 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: 88%; 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: 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%; white-space: nowrap; text-align: 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: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Birmingham Alabama</FONT></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%; white-space: nowrap; text-align: 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: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Methodist Home for the Aging)</FONT></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%; white-space: nowrap; text-align: 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: 88%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/50</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: 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>511,580</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>11</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>Schedule of investments<BR></FONT><FONT size=2 face=Arial COLOR=#B2B2B2>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%" 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></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=center></TD>

   <TD width="3%" noWrap align=center></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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="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="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="width: 3%; 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: left; border-bottom: Black 1pt solid"></TD>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Allegheny County Hospital,</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania Development</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap 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="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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Allegheny Health Network</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligated Group Issue)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/44</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><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>313,509</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Anoka Health Care Facilities</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 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="89%" noWrap 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 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="89%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>629,404</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Apple Valley Senior Housing</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(PHS Senior Housing, Inc.</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Orchard Path 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>4.50% 9/1/53</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>1,160,000</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>1,165,951</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>5.00% 9/1/58</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>1,605,000</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>1,611,404</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Apple Valley Senior Living</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 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="89%" noWrap 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 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="89%" noWrap align=left><FONT size=2 face=Arial>(Senior Living LLC 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 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="89%" noWrap 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="3%" 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=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>481,881</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap 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="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 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="89%" noWrap 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="3%" noWrap align=right><FONT size=2 face=Arial>685,000</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>507,023</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap 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="3%" noWrap align=right><FONT size=2 face=Arial>1,035,000</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>712,743</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Arizona Industrial Development</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap 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="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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Great Lakes Senior Living</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Communities LLC 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 1/1/49</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>70,000</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>50,227</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Series D-2 144A 7.75% 1/1/54 #</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>50,000</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>35,132</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>(Phoenix Children's Hospital)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/50</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>782,580</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Bethel Housing &amp; Health Care</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 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="89%" noWrap 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="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 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="89%" noWrap align=left><FONT size=2 face=Arial>(Benedictine Health 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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Peter Communities</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 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="89%" noWrap 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="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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/48</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>489,015</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Brookhaven Development</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Authority Revenue, Georgia</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Children's Healthcare 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/49</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>30,000</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>31,610</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California Health Facilities</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 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="89%" noWrap align=left><FONT size=2 face=Arial>Financing 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 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="89%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 4/1/49</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>1,018,200</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California Health Facilities</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Financing Authority 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Kaiser Permanente)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 11/1/47</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>1,030,000</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>1,305,937</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Center City Health Care Facilities</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 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="89%" noWrap 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 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="89%" noWrap 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="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 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="89%" noWrap 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="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 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="89%" noWrap 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="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><FONT size=2 face=Arial> </FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>532,780</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Bethel</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(The Lodge at Lakes at</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stillwater 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 6/1/58</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>1,775,000</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>1,741,026</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Center City, Minnesota</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 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="89%" noWrap align=left><FONT size=2 face=Arial>Healthcare Facilities 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 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="89%" noWrap 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="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 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="89%" noWrap 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="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 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="89%" noWrap 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="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 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="89%" noWrap 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="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>210,270</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="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>City of Crookston, Minnesota</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Health Care Facilities 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Riverview Health 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/1/51</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>1,390,000</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>1,354,597</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado Health Facilities</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 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="89%" noWrap 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="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 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="89%" noWrap align=left><FONT size=2 face=Arial>(Aberdeen Ridge)</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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/15/49</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>478,520</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(AdventHealth Obligated</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 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="89%" noWrap align=left><FONT size=2 face=Arial>Group)</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 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="89%" noWrap align=left><FONT size=2 face=Arial>Series A 3.00% 11/15/51</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>441,875</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 11/15/43</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>1,058,250</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Adventist Health 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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbelt Obligated Group)</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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/48</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>1,122,540</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Bethesda 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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 9/15/48</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>798,368</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Boulder Community Health</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 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="89%" noWrap 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="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 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="89%" noWrap align=left><FONT size=2 face=Arial>4.00% 10/1/38</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>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>267,385</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>4.00% 10/1/39</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>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>266,965</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>4.00% 10/1/40</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>280,000</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>298,323</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Cappella of Grand Junction</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 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="89%" noWrap 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="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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/54 #</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>695,000</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>586,365</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(CommonSpirit Health)</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 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="89%" noWrap align=left><FONT size=2 face=Arial>Series A-1 4.00% 8/1/39</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>550,000</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>577,209</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Series A-2 4.00% 8/1/49</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>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>2,594,075</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Series A-2 5.00% 8/1/39</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 width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,698,495</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>Series A-2 5.00% 8/1/44</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 width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,681,365</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" noWrap align=left><FONT size=2 face=Arial>(Covenant Living Communities</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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Services)</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 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="89%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/40</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>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>809,355</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>12</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%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="88%" noWrap 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=center></TD>

   <TD width="3%" noWrap align=center></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: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 88%; 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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="4" STYLE="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></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</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>

   <TD STYLE="width: 3%; 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: 3%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=Arial></FONT><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="3%" noWrap align=left></TD>

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

   <TD width="1%" noWrap 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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Colorado Health Facilities</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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority 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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Covenant Retirement</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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>Communities Inc.)</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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/1/35</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>1,000,000</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>1,069,090</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Healthcare Facilities -</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=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="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="88%" noWrap 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="3%" noWrap align=left></TD>

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

   <TD width="1%" noWrap 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="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="88%" noWrap align=left><FONT size=2 face=Arial>8.00% 8/1/43</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>830,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>861,523</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Mental Health Center 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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>Denver 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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.75% 2/1/44</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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,559,880</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(National Jewish Health</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=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="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="88%" noWrap 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="3%" noWrap align=left></TD>

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

   <TD width="1%" noWrap 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="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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 1/1/27</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=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>501,015</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Sanford Health)</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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 11/1/44</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>2,000,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,249,180</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(SCL Health 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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 1/1/37</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>575,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>613,962</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 1/1/38</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>1,950,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,076,301</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 1/1/39</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>465,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>494,397</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Sunny Vista Living 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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 6.25%</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=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="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="88%" noWrap align=left><FONT size=2 face=Arial>12/1/50 #</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>505,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>442,355</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Vail Valley Medical 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=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="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="88%" noWrap 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="3%" noWrap align=left></TD>

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

   <TD width="1%" noWrap 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="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="88%" noWrap align=left><FONT size=2 face=Arial>5.00% 1/15/35</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>1,250,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,356,125</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Cuyahoga County, Ohio Hospital</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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(The Metrohealth 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=right></TD>

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

<TR vAlign=bottom>

   <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="88%" noWrap align=left><FONT size=2 face=Arial>5.50% 2/15/57</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=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,110,520</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Dakota County Community</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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development Agency Senior</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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing 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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Walker Highview Hills 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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 5.00% 8/1/46 #</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>370,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>371,121</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 5.00% 8/1/51 #</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=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>757,159</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Deephaven Housing &amp; Healthcare</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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. Therese Senior Living</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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>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=right></TD>

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

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="3%" 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></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>270,721</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="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=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>257,963</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Denver Health &amp; Hospital</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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Health Care 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=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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 12/1/40</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>500,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>525,335</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Duluth Economic Development</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 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="89%" colSpan=2 noWrap 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="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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Essentia Health Obligated</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Group)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 2/15/48</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>810,000</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>903,199</FONT></TD></TR>

<TR vAlign=bottom>

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. Luke&#8217;s Hospital of Duluth</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Obligated Group)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Unrefunded Balance 6.00%</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 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="88%" noWrap align=left><FONT size=2 face=Arial>6/15/39</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>980,000</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>989,427</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Escambia County Health Facilities</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Healthcare Facilities - Baptist)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 8/15/50</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>1,540,000</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>1,565,687</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Glendale, Arizona Industrial</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development 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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Royal Oaks - Inspirata Pointe</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 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="88%" noWrap 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="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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 5/15/56</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>531,940</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hamilton County, Ohio Hospital</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Cincinnati Children's Hospital</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Medical Center 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series CC 5.00% 11/15/49</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>345,000</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>442,297</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><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="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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(American Baptist Homes</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Midwest)</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 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="88%" noWrap align=left><FONT size=2 face=Arial>5.75% 2/1/44</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>459,805</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hayward Health Care Facilities</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. John's Lutheran Home 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Albert Lea)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>5.375% 10/1/44</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>260,000</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>237,687</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing &amp; Redevelopment</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority of The City of St Paul</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Minnesota</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 12/1/30</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>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>342,981</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="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Illinois Finance Authority 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(NorthShore - Edward-Elmhurst</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Health Credit Group)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 8/15/47</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>3,355,000</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>3,882,775</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="90%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Kalispell, Montana</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 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="89%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Immanuel Lutheran</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 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="88%" noWrap align=left><FONT size=2 face=Arial>Corporation 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 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="88%" noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 5/15/37</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>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>731,507</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>13</FONT></P>

<HR align=center SIZE=2 width="100%" noShade><DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 04 -->
<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>Schedule of investments<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>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%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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

   <TD width="91%" noWrap align=left></TD>

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

   <TD width="2%" 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="2%" noWrap align=center></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: 91%; 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"><B></B></TD>

   <TD STYLE="width: 2%; 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: 3%; 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: 93%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B><B></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: 2%; 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"></TD>

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

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="93%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Lancaster County Hospital</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Penn State Health)</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/51</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,345,000</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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,628,628</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Maple Grove Health Care</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(Maple Grove Hospital</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporation)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.00% 5/1/37</FONT></TD>

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

   <TD width="2%" 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=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,058,240</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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(North Memorial Health Care)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 9/1/30</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>865,000</FONT></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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>935,420</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Maple Plain Senior Housing &amp;</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Care Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Haven Homes Project)</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 7/1/54</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,506,045</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Maryland Health &amp; Higher</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Educational Facilities Authority</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(University of Maryland Medical</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>System Issue)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series D 4.00% 7/1/48</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>255,000</FONT></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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>267,737</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Miami-Dade County, Florida</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Facilities Authority</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Nicklaus Children's Hospital</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project)</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 8/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>221,520</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Michigan Finance Authority</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Beaumont Health Credit</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Group)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 11/1/44</FONT></TD>

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

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,083,970</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Minneapolis Health Care System</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Fairview Health Services)</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,914,098</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>543,110</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>543,110</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial></FONT>Series A 5.00% 11/15/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,254,340</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Minneapolis Senior Housing &amp;</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Healthcare Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Ecumen Mill City Quarter)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.25% 11/1/45</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>850,000</FONT></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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>850,221</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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.375% 11/1/50</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>200,000</FONT></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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>200,166</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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Ecumen-Abiitan Mill City</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Project)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>5.00% 11/1/35</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>220,000</FONT></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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>219,776</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Minneapolis &#8211; St. Paul Housing &amp;</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Care Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/29</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>661,910</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Monroe County, New York</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Industrial Development</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; 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: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Rochester Regional Health</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/46</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>440,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>453,218</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Montgomery County Higher</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Education and Health Authority</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Thomas Jefferson University)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 9/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>770,715</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 4.00% 5/1/56</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,017,620</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Moon, Pennsylvania Industrial</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Development Authority</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Baptist Homes Society</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Obligation)</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.125% 7/1/50</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>750,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>776,025</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New Hope, Texas Cultural</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Cardinal Bay Inc.)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.00% 7/1/51 &#8225;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>102,600</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 4.75% 7/1/51</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>88,000</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New Jersey Health Care Facilities</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Financing Authority Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(St. Peters University Hospital)</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>6.25% 7/1/35</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>300,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>300,678</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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Valley Health System</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Obligated)</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.00% 7/1/44</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>475,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>509,570</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New York State Dormitory</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 7/1/53</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>355,000</FONT></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>367,400</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Orange Regional Medical</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Center)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>144A 5.00% 12/1/35 #</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>557,520</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Personal Income Tax)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.00% 3/15/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,000,000</FONT></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,182,340</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Oregon State Facilities Authority</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; 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: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Peacehealth Project)</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00% 11/15/29</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>500,000</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: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>529,905</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Palomar Health, California</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 11/1/39</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>142,401</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>

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

   <TD width="89%" noWrap align=left></TD>

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

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

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

   <TD width="1%" noWrap 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: 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: 2%; white-space: nowrap; text-align: left; 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: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD COLSPAN="2" STYLE="width: 4%; white-space: nowrap; text-align: right; 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: 92%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right; 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="92%" colSpan=4 noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds (continued)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Pennsylvania Higher Educational</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(University of Pennsylvania</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health System)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 8/15/43</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,905,000</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: 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>2,025,244</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Rochester Health Care &amp; Housing</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(The Homestead at Rochester</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Series A 6.875% 12/1/48</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,220,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,260,175</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Rochester Health Care Facilities</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 11/15/41</FONT></TD>

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

   <TD STYLE="width: 2%; 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"></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>4,874,871</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 11/15/57</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,175,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,537,551</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Sartell Health Care Facilities</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Country Manor Campus</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 9/1/30</FONT></TD>

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

   <TD width="2%" 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=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,001,660</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.30% 9/1/37</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>601,500</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Shakopee Health Care Facilities</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Francis Regional Medical</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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"></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>213,020</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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"></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>175,441</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>St. Cloud Health Care Revenue</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Centracare Health System</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

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

   <TD width="2%" noWrap align=left></TD>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>4.00% 5/1/49</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,585,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,673,475</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.00% 5/1/48</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>3,150,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>3,569,359</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 5/1/37</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,295,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,366,614</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 5/1/46</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>4,800,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>5,247,120</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 5/1/24</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,400,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,482,026</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Health Care Facilities Revenue</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Fairview Health Services)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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"></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>930,476</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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"></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>755,976</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Health Partners Obligation</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Group Project)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></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: left; background-color: Silver"></TD>

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,165,960</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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"></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>1,189,122</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>St. Paul Housing &amp;</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Housing &amp; Health Care</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 12/1/36</FONT></TD>

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

   <TD width="2%" 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="3%" noWrap align=right><FONT size=2 face=Arial>838,717</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Senior Episcopal Homes</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>5.125% 5/1/48</FONT></TD>

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

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,200,000</FONT></TD>

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

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

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,206,240</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Tarrant County, Texas Cultural</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Education Facilities Finance</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Ventana Project)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 6.75% 11/15/47</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>266,725</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>University of North Carolina Board</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>of Governors</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.00% 2/1/49</FONT></TD>

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

   <TD width="2%" 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="3%" noWrap align=right><FONT size=2 face=Arial>620,310</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Washington Health Care Facilities</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(CommonSpirit Health)</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-2 5.00% 8/1/38</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>283,465</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Westminster, Maryland</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Lutheran Village Millers Grant)</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Series A 6.00% 7/1/34</FONT></TD>

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

   <TD width="2%" 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="3%" noWrap align=right><FONT size=2 face=Arial>526,360</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Wisconsin Health &amp; Educational</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Covenant Communities, Inc.</FONT></TD>

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

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="width: 89%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 7/1/53</FONT></TD>

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

   <TD STYLE="width: 2%; 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: 3%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>786,080</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Woodbury Housing &amp;</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Revenue</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(St. Therese of Woodbury)</FONT></TD>

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

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

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

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

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>5.125% 12/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,255,912</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Yavapai County, Arizona Industrial</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Yavapai Regional Medical</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 89%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 8/1/28</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>720,000</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: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>749,657</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="89%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" 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>114,057,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Housing Revenue Bonds &#8211; 0.72%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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 width="1%" noWrap align=left></TD>

   <TD width="91%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Minnesota Housing Finance</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Agency</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="90%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Non Ace - State Appropriated</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Housing)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="89%" noWrap align=left><FONT size=2 face=Arial>Series C 5.00% 8/1/33</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,390,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,475,902</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>15</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>Schedule of investments<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>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%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="2%" 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="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></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: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 90%; 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: 2%; 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></B></TD>

   <TD COLSPAN="2" STYLE="width: 3%; 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: 93%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: 2%; 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="93%" colSpan=4 noWrap align=left><FONT size=2 face=Arial>Housing Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Northwest Multi-County Housing &amp;</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Pooled Housing Program)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></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"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.50% 7/1/45</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>560,000</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: 2%; 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>563,298</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: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; 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>2,039,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; width: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Lease Revenue Bonds &#8211; 7.83%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Denver Health &amp; Hospital</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(550 ACOMA, Inc.)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></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"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 12/1/38</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: 2%; 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>525,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Metropolitan Pier &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Exposition Authority Illinois</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(McCormick Place Expansion)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 6/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,375,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,367,066</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 6/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>290,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>309,433</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 2.855% 12/15/54 (BAM) ^</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>990,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>243,362</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Minnesota State General Fund</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenue Appropriations</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>807,620</FONT></TD></TR>

<TR vAlign=bottom>

   <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"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>5,692,170</FONT></TD></TR>

<TR vAlign=bottom>

   <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"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>1,808,905</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Minnesota State Housing Finance</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Non Ace - State Appropriated</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Housing)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 8/1/36</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,060,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New Jersey Economic</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Development Authority</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Transit Transportation Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></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"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 11/1/44</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>408,984</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New Jersey State Transportation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Trust Fund Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Capital Appreciation)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 3.114%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>12/15/39 (BAM) ^</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,290,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,776,721</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Transportation Program)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 4.00% 6/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,010,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New York Liberty Development</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(4 World Trade Center Project)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: right"></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"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 3.00% 11/15/51</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,640,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>3,149,328</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>State of Colorado Department of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Transportation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Certificates of Participation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: right"></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: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 6/15/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>374,184</FONT></TD></TR>

<TR vAlign=bottom>

   <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: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 6/15/36</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>545,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>597,968</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Virginia Commonwealth</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Transportation Board</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(U.S. Route 58 Corridor</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: center"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Development Program)</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: center"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 5/15/47</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,000,000</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: 2%; 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>2,155,140</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: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; 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>22,287,151</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="6" STYLE="background-color: Silver; width: 96%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Local General Obligation Bonds &#8211; 10.98%</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Adams &amp; Weld Counties School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>District No 27J Brighton</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 12/1/30</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>700,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>747,579</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Arapahoe County School District</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>No. 6 Littleton</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.50% 12/1/38</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>650,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>778,876</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Beacon Point Metropolitan District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/1/30 (AGM)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>659,370</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Boulder Valley School District No</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>RE-2 Boulder</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 12/1/48</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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: 2%; 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>543,585</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Brainerd Independent School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>District No. 181</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(General Obligation School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Building Bonds)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,597,110</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: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,586,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Chicago Board of Education,</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Illinois</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 4/1/42</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>205,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>218,870</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 4/1/46</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>210,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>223,526</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Chicago, Illinois</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.50% 1/1/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>225,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>241,090</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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 1/1/38</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>532,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Duluth Independent School</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>District No. 709</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 2/1/27</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>639,924</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Duluth, Minnesota</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Improvement DECC)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 90%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 2/1/34</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>545,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>600,530</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Edina Independent School District</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>No. 273</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 2/1/27</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>1,626,525</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Grand River Hospital District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; 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: 91%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.25% 12/1/37 (AGM)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>675,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>766,814</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Hennepin County</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>300,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>337,896</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>1,421,487</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 91%; white-space: nowrap; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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"></TD>

   <TD STYLE="background-color: Silver; width: 2%; 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>1,189,394</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>



<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="91%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD width="2%" 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="2%" noWrap align=center></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: 91%; 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"><B></B></TD>

   <TD STYLE="width: 2%; 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: 3%; 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: 93%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B><B></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: 2%; 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: 2%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=5 noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Jefferson County School District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>No. R-1</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 12/15/24</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; 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: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>816,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Mahtomedi Independent School</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>District No. 832</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/28</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>515,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>557,554</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Mesa County Valley School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District No. 51 Grand Junction</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 12/1/41</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,102,150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Minneapolis Special School</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>District No. 1</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 2/1/36</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>208,103</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 2/1/37</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>273,195</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 2/1/38</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>260,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>283,408</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 2/1/36</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>400,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>438,112</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 2/1/37</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>530,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>579,173</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 2/1/38</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>550,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>599,517</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Mounds View Independent School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/43</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,109,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New York City, New York</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series C 5.00% 8/1/43</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>573,020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>St. Michael-Albertville</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Independent School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>885</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series A 5.00% 2/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>1,300,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,446,601</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>St. Paul Independent School</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>District No. 625</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(School Building)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Series B 5.00% 2/1/26</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,028,350</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Verve Metropolitan District No 1</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/51</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,009,270</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Weld County School District No.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>RE-1</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/15/30 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>559,340</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Weld County School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>RE-2 Eaton</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series 2 5.00% 12/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,469,512</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Weld County School District No.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>RE-3J</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/15/34 (BAM)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,115,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Weld County School District No.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>RE-8</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/31</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>573,459</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/32</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>381,987</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>White Bear Lake Independent</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>School District No. 624</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series A 3.00% 2/1/43</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2,595,000</FONT></TD>

   <TD width="1%" noWrap align=left><U></U></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,433,591</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: 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: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>31,269,393</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=5 noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds &#8211; 9.33%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="3" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Colorado Educational &amp; Cultural</FONT></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Johnson &amp; Wales University)</FONT></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.25% 4/1/37-23 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>900,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>930,213</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Colorado Health Facilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(Covenant Retirement</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Communities Inc.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 5.75%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>12/1/36-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,064,980</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(Evangelical Lutheran Good</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Samaritan Society)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.00% 6/1/28-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,250,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,296,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.50% 6/1/33-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2,086,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.625% 6/1/43-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,044,540</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Frasier Meadows Retirement</FONT></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Community Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series B 5.00% 5/15/48</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>340,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>351,937</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Colorado School of Mines</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 12/1/42-22 &#167;</FONT></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,115,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,141,258</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Commerce City</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>5.00% 8/1/44-24 (AGM) &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,055,970</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Deephaven Charter School</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Eagle Ridge Academy Project)</FONT></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.50% 7/1/43-23 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>522,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Denver City &amp; County Airport</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>System Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 11/15/37-22 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,700,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,738,624</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Duluth Economic Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; 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: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Luke&#8217;s Hospital of Duluth</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Obligated Group)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>6.00% 6/15/39-22</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>20,192</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>East Hempfield Township,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>(Student Services Income -</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Student Housing Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00% 7/1/35-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,040,410</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Eaton Area Park &amp; Recreation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 91%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 12/1/34-22 &#167;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>194,849</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>JEA Electric System Revenue,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"></TD>

   <TD width="92%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 10/1/33-23 &#167;</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>645,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>675,618</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 face=Arial color=#b2b2b2>Schedule of investments<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>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%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="100%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></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%; 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: 100%; 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"><B></B></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></B></TD>

   <TD COLSPAN="2" STYLE="width: 1%; 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: 102%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B></B><B></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: 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="102%" colSpan=7 noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Minnesota Higher Education</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(St. Catherine University)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series 7-Q 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>10/1/32-22 &#167;</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>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>712,971</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New Hope, Texas Cultural</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Education Facilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>(Chief-Collegiate Housing-</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Tarleton St.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 5.00% 4/1/34-24 &#167;</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,059,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New Jersey Economic</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series WW 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>6/15/30-25 &#167;</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: left; background-color: Silver"></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>1,099,040</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New Jersey Economic</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>(Cigarette 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>5.00% 6/15/28-22 &#167;</FONT></TD>

   <TD width="1%" noWrap align=right></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=right><FONT size=2 face=Arial>201,596</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>5.00% 6/15/29-22 &#167;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>800,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>806,384</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Palm Beach 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Facilities Authority, Florida</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Sinai Residences Boca Raton</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 7.50% 6/1/49</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>105,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>108,150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Philadelphia, Pennsylvania Water</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>&amp; Wastewater Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/45-24 &#167;</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>533,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Rice County Educational 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Shattuck-St. Mary's 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 144A 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>8/1/22 #</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>900,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>911,601</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Rochester Electric Utility Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 12/1/30-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,300,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,368,614</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 12/1/43-23 &#167;</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,052,780</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Redevelopment 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Hospital Facility</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Healtheast Care 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; 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: left; background-color: Silver"></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>435,409</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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: right; background-color: Silver"></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: left; background-color: Silver"></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>319,667</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Tallyn's Reach Metropolitan</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>District No. 3</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>(Limited Tax Convertible)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.125% 11/1/38-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>295,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>309,187</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Western Minnesota 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Power Agency Supply 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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: 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: left; background-color: Silver"></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>1,054,820</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/40-24</FONT> &#167;</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>750,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>791,115</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; 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: 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>2,637,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD 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>26,565,735</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 102%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Special Tax Revenue Bonds &#8211; 15.47%</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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Central Platte Valley Metropolitan</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>District</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/1/43</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>381,758</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Fountain Urban Renewal 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Tax Increment 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Academy Highlands 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 5.50% 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>655,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>659,821</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>GDB Debt Recovery 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>7.50% 8/20/40</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,542,695</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>4,270,133</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Lincoln Park Metropolitan District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/1/46 (AGM)</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: left; background-color: Silver"></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>552,870</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Massachusetts Bay Transportation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Authority Senior</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 7/1/29</FONT></TD>

   <TD width="1%" noWrap align=right></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=right><FONT size=2 face=Arial>239,862</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; 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: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Capital Appreciation)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>0.00% 10/1/37 (BAM) ^</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>3,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>1,723,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Minneapolis Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>(YMCA Greater 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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>4.00% 6/1/29</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>165,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>168,411</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Northampton 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Pennsylvania 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Development 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Route 33 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>7.00% 7/1/32</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>205,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>213,196</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="101%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Prairie Center Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>No. 3</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>12/15/41 #</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>510,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 101%; white-space: nowrap; text-align: left; background-color: Silver"><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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Wisconsin Airport 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Meadowlands 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>144A 7.00% 12/1/50 #</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>380,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>385,069</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 05 -->
<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; </TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD width="1%" noWrap align=left></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="background-color: Silver; width: 95%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; 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-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: right; 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 width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=center>&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></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Puerto Rico Sales Tax Financing</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,250,000</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: 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>2,362,320</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 4.558% 7/1/46 ^</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>14,315,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,392,414</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>6,460,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>6,793,788</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-1 4.906% 7/1/51 ^</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>34,247,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>7,624,410</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>7,272,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>7,749,698</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A-2 4.329% 7/1/40</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>595,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>616,997</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></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"></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>1,159,202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Regional Transportation District</FONT></TD>

   <TD width="1%" noWrap align=right>&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></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Sales Tax Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(FasTracks 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 11/1/30</FONT></TD>

   <TD width="1%" noWrap align=left></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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>371,197</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 11/1/31</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>755,000</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>847,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Sales Tax Securitization, Illinois</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 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"></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>554,955</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Southlands Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=right>&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></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>No. 1</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 12/1/37</FONT></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=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>210,040</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 12/1/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>300,000</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>311,040</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>St. Paul Sales Tax 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series G 5.00% 11/1/30</FONT></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>935,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>998,935</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Thornton Development Authority</FONT></TD>

   <TD width="1%" noWrap align=center>&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></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(East 144th Avenue &amp; I-</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>25 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 12/1/35</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>265,000</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>282,516</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 12/1/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>440,000</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>468,732</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Wyandotte County, Kansas City,</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Kansas Unified Government</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Special Obligation Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Sales Tax - Vacation Village</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Project 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series A 5.75% 9/1/32</FONT></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>220,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>208,919</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=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="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>44,057,753</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>State General Obligation Bonds &#150; 9.15%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>California State</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(CommonSpirit 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/42</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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,203,930</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Various Purposes)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/47</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,119,960</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Commonwealth of Puerto Rico</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Custodial Receipts)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series A 144A 5.50%</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: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 6/1/22 #</FONT></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>1,215,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,237,781</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>0.01% 11/1/51</FONT></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>3,261,751</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>1,577,872</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 0.000% 7/1/33 ^</FONT></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>711,554</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>412,033</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 2.993% 7/1/24 ^</FONT></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>284,418</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>259,699</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 4.00% 7/1/33</FONT></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>552,919</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>541,214</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 4.00% 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>496,999</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>481,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 4.00% 7/1/37</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>426,556</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>410,944</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 4.00% 7/1/41</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>579,952</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>552,915</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 4.00% 7/1/46</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>603,144</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>569,947</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.25% 7/1/23</FONT></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>617,527</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>632,737</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.375% 7/1/25</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: right; background-color: Silver"><FONT size=2 face=Arial>615,797</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>650,269</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.625% 7/1/27</FONT></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>610,217</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>667,199</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.625% 7/1/29</FONT></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>600,319</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>670,676</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A1 5.75% 7/1/31</FONT></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>583,086</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>665,587</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series C 2.646% 11/1/43</FONT></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>2,848,740</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>1,534,759</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Various Custodial Receipts)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 144A 0.01% 6/1/22 #</FONT></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>1,360,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>1,349,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Illinois State</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 1/1/28</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>285,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>307,706</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 5/1/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>90,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>94,867</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 11/1/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,170,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,263,073</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 2/1/39</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>160,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>167,613</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.50% 5/1/39</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>565,535</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 4/1/38</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>170,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>175,510</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.125% 12/1/29</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>310,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>343,015</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 4.00% 10/1/41</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,516,155</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Rebuild Illinois Program)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series B 4.00% 11/1/39</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,300,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,320,540</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series E 5.00% 10/1/26</FONT></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>1,480,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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>1,670,668</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series F 5.00% 10/1/22</FONT></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>4,000,000</FONT></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: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,075,520</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=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="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>26,038,584</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Transportation Revenue Bonds &#150; 13.16%</FONT></TD>

   <TD STYLE="width: 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%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Alameda Corridor, California</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Transportation Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(2nd Sub Lien)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series B 5.00% 10/1/37</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>430,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>470,583</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Atlanta, Georgia Department 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Aviation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 1/1/29</FONT></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: left; background-color: Silver"></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>1,051,290</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>California Municipal 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></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Authority Mobile Home Park</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(LINXS APM 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 12/31/47 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>615,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>664,840</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Chicago, Illinois O'Hare</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>International Airport 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(General-Senior Lien)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 1/1/48 (AMT)</FONT></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: left; background-color: Silver"></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>272,263</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 size=6 face=Arial color=#b2b2b2>Schedule of investments<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>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%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 95%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; 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: center; 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: right; 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 width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Chicago, Illinois O'Hare</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>International Airport 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(General-Senior Lien)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series D 5.25% 1/1/34</FONT></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: 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>1,023,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Colorado High Performance</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Transportation Enterprise</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(C-470 Express Lanes)</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/31/56</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,076,470</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Senior U.S. 36 &amp; I-</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 25 Managed Lanes)</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>5.75% 1/1/44 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,110,000</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>1,142,201</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Denver City &amp; County 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 12/1/29 (AMT)</FONT></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>270,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>305,065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 12/1/48 (AMT)</FONT></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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,098,670</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Foothill-Eastern 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Corridor Agency</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 1/15/46</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,045,740</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 4.00% 1/15/43</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,000,000</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>2,082,080</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Harris County, Texas Toll Road</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series A 4.00% 8/15/48</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>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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>534,895</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Metropolitan 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>New York</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Green Bond)</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 11/15/47</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,092,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C-1 5.25% 11/15/55</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>829,957</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Metropolitan Washington D.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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Airports Authority Dulles Toll</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Road 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Dulles Metrorail and Capital</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Improvement Projects)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series B 4.00% 10/1/49</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>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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>528,569</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Minneapolis &#150; St. Paul</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Metropolitan Airports</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Commission 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Subordinate)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/1/31</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>410,000</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>454,993</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 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>1,255,000</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>1,391,055</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 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>2,095,000</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>2,334,856</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 1/1/26 (AMT)</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>521,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 5.00% 1/1/33</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,000,000</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>2,214,440</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 5.00% 1/1/36</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,104,830</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 5.00% 1/1/46</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,245,000</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>1,359,254</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>New Jersey Turnpike 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 1/1/48</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>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: 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>1,052,810</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 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>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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>281,987</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New Orleans, Louisiana 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Board</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 1/1/45 (AMT)</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,056,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 1/1/50 (AMT)</FONT></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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>732,585</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Terminal 4 John F. Kennedy</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; International Airport 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Series C 4.00% 12/1/41</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>65,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>67,181</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Commission Subordinate</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 12/1/48</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,000,000</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>5,691,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 12/1/43</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>534,785</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 12/1/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>210,000</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>235,110</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Phoenix City, Arizona Civic</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Improvement Airport 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 7/1/49 (AMT)</FONT></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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,099,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Salt Lake City, Utah 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 7/1/42</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>625,000</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>689,906</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>South Jersey Port 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Subordinated Marine Terminal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 1/1/48 (AMT)</FONT></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>195,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>208,270</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>South Jersey Port, New 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Subordinated Marine Terminal</FONT></TD>

   <TD width="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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 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>85,000</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>91,826</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 1/1/42 (AMT)</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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>91,129</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>St. Louis, Missouri 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>5.00% 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"></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>1,006,440</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Texas Private Activity 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Surface 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Corporate Senior Lien 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Blueridge 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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>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=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/31/40 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>110,000</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>117,740</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/31/45 (AMT)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>110,000</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>117,179</FONT></TD></TR></TABLE>


<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>



<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; </TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 95%; white-space: nowrap; text-align: left; border-top: Black 1pt solid; 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-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>

   <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 width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Transportation 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Texas Private Activity Bond</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Surface Transportation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Corporate Senior Lien 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Blueridge Transportation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 12/31/50 (AMT)</FONT></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"></TD>

   <TD STYLE="width: 1%; white-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>169,998</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(NTE Mobility Partners</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Segments 3 LLC Segment</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>3C 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00% 6/30/58 (AMT)</FONT></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>549,580</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(NTE Mobility Partners)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>6.75% 6/30/43 (AMT)</FONT></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>225,000</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>239,940</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>7.00% 12/31/38 (AMT)</FONT></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>165,000</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>176,599</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Triborough Bridge &amp; Tunnel</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Authority Revenue, New York</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(MTA Bridges And Tunnels)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Series A 5.00% 11/15/49</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>350,000</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>400,369</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Virginia Small Business 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Transform 66 P3 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00% 12/31/56 (AMT)</FONT></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>235,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>260,107</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=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="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>37,471,202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds &#150; 4.45%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Arapahoe County Water &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Wastewater 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 12/1/39</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,250,000</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>1,357,613</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Guam Government Waterworks</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 7/1/40</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>1,200,000</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>1,317,576</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Metropolitan Council Waste Water</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap 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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 9/1/27</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,145,000</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>1,158,099</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 4.00% 3/1/31</FONT></TD>

   <TD width="1%" noWrap 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=right><FONT size=2 face=Arial>383,737</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series C 4.00% 3/1/32</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,405,000</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>1,517,372</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Morgan County Quality Water</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>District</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 12/1/50 (AGM)</FONT></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>365,000</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>384,867</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New York City, New York Water &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Sewer System Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series GG-1 4.00% 6/15/50</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>526,315</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Unrefunded Balance)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>5.00% 6/15/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>185,000</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>191,564</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Sacramento County Sanitation</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Districts Financing 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%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 12/1/50</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>5,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; 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: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,839,359</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=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="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>12,676,502</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial>Total Municipal Bonds</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(cost $416,192,765)</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: left; border-bottom: Black 1pt solid"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>418,403,885</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; width: 95%; white-space: nowrap; text-align: left; background-color: Silver; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Short-Term Investments &#150;	1.51%</FONT></B></TD>

   <TD STYLE="border-top: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center; background-color: Silver; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-top: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-top: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-top: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-top: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; background-color: Silver; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

<TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Variable Rate Demand Notes &#150; 1.51%&#164;</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: right"></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; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Los Angeles Department of Water</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&amp; Power 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Subordinate Series A-1 0.31%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>7/1/50 (SPA - Royal Bank 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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Canada)</FONT></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>3,000,000</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: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Mississippi Business Finance</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: right"></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: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Corporation Gulf Opportunity</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: right"></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: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Zone Industrial Development</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: right"></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: 93%; white-space: nowrap; 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: right"></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: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Chevron U.S.A. Inc. 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: right"></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: 93%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 0.37% 12/1/30</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: right"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Subordinate Series E-5 0.36%</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: left; background-color: Silver"></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 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>3/1/48 (LOC - TD Bank N.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: 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="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>300,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 95%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Total Short-Term Investments</FONT></B></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: right"></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 COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(cost $4,300,000)</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="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>4,300,000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="background-color: Silver; width: 95%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Total Value of Securities&#150;148.47%</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(cost $420,492,765)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: 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: 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: right"><B><FONT size=2 face=Arial>422,703,885</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"><FONT size=2 face=Arial>&#176; </FONT></TD>

   <TD STYLE="vertical-align: top; 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"><FONT size=2 face=Arial>#</FONT></TD>

   <TD STYLE="vertical-align: top; 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, 2022, the aggregate value of Rule 144A securities was $16,883,023, which represents 5.93% of the Fund's net assets. See Note 8 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"><FONT size=2 face=Arial>&#8225;</FONT></TD>

   <TD STYLE="vertical-align: top; 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"><FONT size=2 face=Arial>^ </FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; padding-bottom: 4pt">



   <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>

<TR>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; padding-right: 4pt"><FONT size=2 face=Arial>&#167;</FONT></TD>

   <TD STYLE="vertical-align: top; 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 8 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 4pt"><FONT size=2 face=Arial>&#164; </FONT></TD>

   <TD vAlign=top width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of March 31, 2022.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Summary of abbreviations:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>AGM &#150; Insured by Assured Guaranty Municipal Corporation<BR>AMT &#150; Subject to Alternative Minimum Tax<BR>BAM &#150; Insured by Build America Mutual Assurance<BR>CHF &#150; Collegiate Housing Foundation<BR>ICE &#150; Intercontinental Exchange, Inc.<BR></FONT><FONT size=2 face=Arial>LIBOR &#150; London Interbank Offered Rate<BR>LIBOR03M &#150; ICE LIBOR USD 3 Month</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 size=6 face=Arial color=#b2b2b2>Schedule of investments<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>LIBOR06M &#150; ICE LIBOR USD 6 Month<BR>LLC &#150; Limited Liability Corporation<BR>LOC &#150; Letter of Credit<BR>N.A. &#150; National Association<BR></FONT><FONT size=2 face=Arial>SPA &#150; Stand-by Purchase Agreement<BR>USD &#150; 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: left"><FONT size=2 face=Arial>22</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="statementofassetsandliabilities"></A>Statement of assets and liabilities<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, 2022</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial>Assets:</FONT></B></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></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value*</FONT></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>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>422,703,885</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cash</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>3,221,860</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Receivable for securities sold</FONT></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>22,064,142</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Interest receivable</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>5,043,118</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Prepaid rating agency fee</FONT></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>43,740</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Offering cost for preferred shareholders</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>198,666</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other assets</FONT></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: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>402,996</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total Assets</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>453,678,407</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial>Liabilities:</FONT></B></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></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Liquidation value of preferred stock</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>135,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Payable for securities purchased</FONT></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>33,738,753</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Investment management fees payable to affiliates</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>144,916</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Audit and tax fees payable</FONT></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>44,046</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other accrued expenses</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>28,421</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Legal fees payable to affiliates</FONT></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>13,380</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Trustees&#8217; fees and expenses payable to affiliates</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>1,418</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Accounting and administration expenses payable to affiliates</FONT></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>1,349</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Reports and statements to shareholders expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>145</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total Liabilities</FONT></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: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>168,972,428</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>284,705,979</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&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 COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial>Net Assets Applicable to Common Shareholders Consist of:</FONT></B></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></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Paid-in capital ($0.001 par value)&#9679;, </FONT><FONT size=2 face=Arial>&#981;</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>285,042,589</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total distributable earnings (loss)</FONT></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: right"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(336,610</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>284,705,979</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face=Arial>Net Asset Value per Common Share</FONT></B></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: 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: right"><FONT size=2 face=Arial>13.59</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>



<TR vAlign=bottom>

   <TD width="96%" colSpan=2 noWrap align=left><FONT style="border-bottom: 1pt solid #000000; padding-bottom: 2pt" size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></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="1%" noWrap align=left><FONT size=2 face=Arial>*</FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial>Investments, at cost</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>420,492,765</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial><SUP>&#9679;</SUP></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial>Common shares outstanding</FONT></TD>

   <TD width="1%" noWrap align=left><SUP></SUP></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>20,956,695</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial><SUP>&#981;</SUP></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial>Common shares authorized</FONT></TD>

   <TD width="1%" noWrap align=left><SUP></SUP></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>unlimited</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>23</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>
<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="statementofoperations"></A>Statement of operations<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>Year ended March 31, 2022</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="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Investment Income:</FONT></B></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></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Interest</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>4,879,305</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Expenses:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Management fees</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>562,082</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Interest expense</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>508,966</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Legal fees</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>156,770</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Dividend disbursing and transfer agent fees
and expenses</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>64,444</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Accounting and administration
expenses</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>58,941</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Reports and statements to shareholders
expenses</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>42,526</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Audit and tax fees</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>40,058</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Rating agency fees</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>37,916</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Offering costs</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>8,141</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Stock exchange fees</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>6,391</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Trustees&#8217; fees and
expenses</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>3,240</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Custodian fees</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>2,585</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Registration fees</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>450</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Other</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>30,239</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Total operating expenses</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>1,522,749</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Net Investment Income</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>3,356,556</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Net Realized and Unrealized Loss:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></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="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Net realized loss on investments</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>(2,015,982</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=Arial>Net change in unrealized appreciation
(depreciation) of investments</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>(15,173,054</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="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Net Realized and Unrealized Loss</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>(17,189,036</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" colSpan=2 align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=2 face=
Arial>Net Decrease in Net Assets Resulting from Operations</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>(13,832,480</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>See accompanying notes, which are an integral
part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>24</FONT></P>

<HR noshade align="center" width="100%" size=2>



<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 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="88%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="10%" colSpan=6 noWrap align=center><FONT size=2 face=Arial>Year ended</FONT></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 style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><FONT size=
2 face=Arial>3/31/22</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" colSpan=2 noWrap align=center><FONT size=
2 face=Arial>3/31/21</FONT></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><B><FONT size=2 face=Arial>Increase (Decrease) in Net Assets
from Operations:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap 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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
investment income</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="3%" noWrap align=right><FONT size=2 face=Arial>3,356,556</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 width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,624,735</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;Net
realized gain (loss)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(2,015,982</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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>189,105</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
change in unrealized appreciation (depreciation)</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(15,173,054</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>4,860,673</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;Net
increase (decrease) in net assets resulting from operations</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(13,832,480</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" 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">

   <TD width="88%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap 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 width="1%" noWrap align=right></TD>

   <TD width="3%" 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><B><FONT size=2 face=Arial>Dividends and Distributions to
Common Shareholders from:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap 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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face=
Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(4,399,567</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
dividends and distributions to shareholders</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(4,399,567</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" 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">

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
assets from merger</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>235,755,536</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" 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="88%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
in net assets derived from capital share transactions</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>235,755,536</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><B><FONT size=2 face=Arial>Net Increase in Net Assets
Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>217,523,489</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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>5,097,829</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap 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 width="1%" noWrap align=right></TD>

   <TD width="3%" 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><B><FONT size=2 face=Arial>Net Assets Applicable to Common
Shareholders:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap 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 width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face=
Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>67,182,490</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: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>62,084,661</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;End of
year</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>284,705,979</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: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>67,182,490</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>25</FONT></P>

<HR noshade align="center" width="100%" size=2>



<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="statementofcashflows"></A>Statement of cash flows<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>Year ended March 31, 2022</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="94%" colSpan=3 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=
2 face=Arial></FONT></B><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=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial>Net increase (decrease) in net assets resulting from operations</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(13,832,480</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="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="92%" noWrap align=left><FONT size=2 face=Arial>Adjustments to reconcile net increase
(decrease) in net assets from operations to</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net cash
provided by (used for) operating activities:</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Amortization of premium and accretion
of discount on investments</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>794,988</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Proceeds from disposition of
investment securities</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>110,828,798</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Purchase of investment
securities</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(112,993,458</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="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="92%" noWrap align=left><FONT size=2 face=Arial>(Purchase) proceeds from disposition
of short-term investment securities, net</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(2,962,560</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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="92%" noWrap align=left><FONT size=2 face=Arial>Net realized (gain) loss on
investments</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,015,982</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Net change in unrealized
(appreciation) depreciation of investments</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>15,173,054</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in other
assets</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(467</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="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="92%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in receivable for
securities sold</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(22,064,142</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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="92%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in dividends and
interest receivable</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(1,014,400</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="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="92%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in offering cost
for preferred shareholders</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>410,111</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in prepaid rating
agency fee</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(393,205</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="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="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in payable for
securities purchased</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>33,738,753</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in Trustees' fees
and expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(501</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="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="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in accounting and
administration expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(2,199</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in investment
management fees payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>63,009</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in reports and
statements to shareholders expenses payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(233</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in audit and tax
fees payable</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>34,246</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in legal fees
payable to affiliates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>4,153</FONT></TD>

   <TD width="1%" 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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in other accrued
expenses payable</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(28,530</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="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial>Total adjustments</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>23,603,399</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Net cash provided by (used for) operating
activities</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>9,770,919</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="92%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=
2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Cash provided by (used for) financing
activities:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Cash dividends and distributions paid to common shareholders
and preferred shareholders</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(4,399,567</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="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Decrease in cash from plan of reorganization</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>(1,965,800</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Increase (decrease) in bank overdraft</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(183,692</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="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Net cash provided by (used for) financing
activities</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>(6,549,059</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Net increase (decrease) in cash</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=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>3,221,860</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Cash at beginning of year</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>--</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Cash at end of year</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>3,221,860</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Cash paid during the period for interest expense from
borrowings</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=right><FONT size=2 face=
Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face=
Arial>508,966</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><B><FONT size=2 face=Arial></FONT></B><B><FONT size=
2 face=Arial></FONT></B><B><FONT size=2 face=Arial>Noncash transactions from plan of
reorganization:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Investment in securities, cost</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="3%" noWrap align=right><FONT size=2 face=Arial>328,313,576</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Other assets</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="3%" noWrap align=right><FONT size=2 face=Arial>3,246,741</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Value of preferred shares acquired</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="3%" noWrap align=right><FONT size=2 face=Arial>105,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Other liabilities</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="3%" noWrap align=right><FONT size=2 face=Arial>10,493</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=
Arial></FONT><FONT size=2 face=Arial>Capital</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="3%" noWrap align=right><FONT size=2 face=Arial>235,786,202</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: left"><FONT size=2 face=Arial>26</FONT></P>

<HR noshade align="center" width="100%" size=2>



<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>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 STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="18%" colSpan=18 noWrap align=
center><B><FONT size=1 face=Arial>Year ended</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; border-bottom: Black 1pt solid; width: 80%; text-align: left; text-indent: -15pt"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>3/31/22</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>3/31/21</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>3/31/20</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>3/31/19</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; width: 2%; white-space: nowrap; text-align: center"><B><FONT size=1 face=Arial>3/31/18</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>14.84</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 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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>0.51</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.54</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.59</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 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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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 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: #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 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: #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 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: #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 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: #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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>(0.61</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: #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 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: #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 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: #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 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: #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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 80%; text-align: left"><B><FONT size=2 face=Arial>Less dividends and distributions to
common shareholders</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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left"><B><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from:</FONT></B></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>(0.54</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.51</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.55</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.60</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 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 STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>(0.10</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: #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 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: #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 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: #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 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: #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 STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>(0.64</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: #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 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: #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 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: #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 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: #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 STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>13.59</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: #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 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: #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 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: #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 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: #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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>12.65</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: #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 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: #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 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: #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 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: #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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>(4.15%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.20%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(0.24%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.71%</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 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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>0.92%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12.11%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.35%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.56%</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 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left"><FONT size=2 face=Arial>Net assets applicable to common
shares, end of period</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 80%; text-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>284,706</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 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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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 STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="text-align: left"><FONT size=2 face=Arial>Ratio of expenses to average net
assets applicable to common</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 80%; text-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>1.57%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.66%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.27%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.31%</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 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></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left"><FONT size=2 face=Arial>Ratio of net investment income to
average net assets applicable </FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 80%; text-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>3.45%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.03%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.69%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.19%</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 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>33%</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>16%</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 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></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><B><FONT size=2 face=Arial>Leverage analysis:</FONT></B></TD>

   <TD width="1%" noWrap align=right></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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>135,000</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>30,000</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 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 STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 80%; text-align: left; text-indent: -15pt"><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>310,893</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>323,942</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>306,949</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 width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>317,996</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 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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; border-bottom: Black 1pt solid; width: 80%; text-align: left; text-indent: -15pt"><FONT size=2 face=
Arial>Liquidation value per share of preferred shares<SUP>5</SUP></FONT></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: left"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=
Arial>100,000</FONT></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: 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>100,000</FONT></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: 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>100,000</FONT></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: 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>100,000</FONT></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: 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>100,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></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><SUP>1</SUP></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; 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, $0.08, $0.17,
$0.18, and $0.14 per share for the years ended March 31, 2022, 2021, 2020, 2019, and 2018,
respectively.</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><SUP>2</SUP></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; 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 vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial><SUP>3</SUP></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; 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, 2022, 2021, 2020, 2019, and 2018 were 1.04%, 1.02%, 1.11%, 1.05%, and 0.98%,
respectively.</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><SUP>4</SUP></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; 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, 2022, 2021, 2020,
2019, and 2018 were 3.98%, 4.67%, 4.84%, 5.45%, and 5.35%, respectively.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial><SUP>5</SUP></FONT></TD>

   <TD vAlign=top width="99%" align=left><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. When the Fund acquired Delaware Investments Colorado Municipal Income Fund, Inc. and
Delaware Investments Minnesota Municipal Income Fund II, Inc. on February 11, 2022, it also
acquired the Series 2049 preferred shares used as leverage by those funds, which are reflected in
the value of preferred shares outstanding in the table above for March 31,
2022.</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>27</FONT></P>

<HR noshade align="center" width="100%" size=2>



<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="notestofinancialstatements"></A>Notes to financial
statements<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, 2022</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Delaware Investments National Municipal Income
Fund (Fund) is organized as a Massachusetts business trust, and is a diversified closed-end
management investment company under the Investment Company Act of 1940, as amended (1940 Act). The
Fund&#8217;s 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>The 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 Fund.</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 Fund&#8217;s Board of Trustees (Board). In determining whether market
quotations are readily available or fair valuation will be used, various factors will be taken into
consideration, such as market closures or suspension of trading in a security. Restricted
securities are valued at fair value using methods approved by the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Federal and Foreign Income Taxes
</FONT></B><FONT size=2 face=Arial>&#8212; No provision for federal income taxes has been made as
the Fund intends to continue to qualify for federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite
distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in
the course of preparing the Fund&#8217;s tax returns to determine whether the tax positions are
&#8220;more-likely-than-not&#8221; of being sustained by the applicable tax authority. Tax
positions not deemed to meet the &#8220;more-likely-than-not&#8221; threshold are recorded as a tax
benefit or expense in the current year. Management has analyzed the Fund&#8217;s tax positions
taken or expected to be taken on the Fund&#8217;s federal income tax returns through the year ended
March 31, 2022 and for all open tax years (years ended March 31, 2019&#8211;March 31, 2021), and
has concluded that no provision for federal income tax is required in the Fund&#8217;s financial
statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in
interest expense and penalties in "Other" on the &#8220;Statement of operations.&#8221; During the
year ended March 31, 2022, the Fund 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 the 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><FONT size=
2 face=Arial>&#8212; 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 by Macquarie<SUP>&#174; </SUP>(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. The
Fund declares and pays dividends from net investment income monthly and distributions from net
realized gain on investments, if any, annually. The Fund may distribute more frequently, if
necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend
date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund receives earnings credits from its
custodian when positive cash balances are maintained, which may be used to offset custody fees. The
expenses paid under this arrangement are included on the &#8220;Statement of operations&#8221;
under &#8220;Custodian fees&#8221; with the corresponding expenses offset included under
&#8220;Less expenses paid indirectly.&#8221; There were no such earnings credits for the year ended
March 31, 2022.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>28</FONT></P>

<HR noshade align="center" width="100%" size=2><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>



<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 investment management agreement, the 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 the 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 the 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;Statement of operations&#8221; under &#8220;Accounting and administration expenses.&#8221; For the year ended March 31, 2022, the Fund was charged $8,622 for these services.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As provided in the investment management agreement, the 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 and regulatory reporting services to the Fund. These amounts are included on the &#8220;Statement of operations&#8221; under &#8220;Legal fees.&#8221; For the year ended March 31, 2022, the Fund was charged $47,249 for internal legal and regulatory reporting services provided by DMC and/or its affiliates&#8217; employees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Trustees&#8217; fees include expenses accrued by the Fund for each Trustee&#8217;s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Fund. These officers and Trustees are paid no compensation by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Cross trades for the year ended March 31, 2022, were executed by the Fund pursuant to procedures adopted by the Board 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 trustees and/or common officers. At their regularly scheduled meetings, the Board reviews a report related to the Fund&#8217;s compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended March 31, 2022, the Fund engaged in Rule 17a-7 securities purchases of $19,005,768. For the year ended March 31, 2022, the Fund engaged in Rule 17a-7 securities sales of $21,462,044, resulting in net losses of $227,293.</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, 2022, the 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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Purchases</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>112,993,458</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Sales</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>110,828,798</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 which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purpose for the Fund 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="99%" noWrap align=left><FONT size=2 face=Arial>Cost of investments</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>420,659,655</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Aggregate unrealized appreciation of investments</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"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>9,251,557</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Aggregate unrealized depreciation of investments</FONT></TD>

   <TD width="1%" noWrap align=right></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>(7,207,327</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Net unrealized appreciation of investments</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>2,044,230</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions</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 size=6 face=Arial color=#b2b2b2>Notes to financial statements<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>3. Investments (continued) </FONT></B><FONT size=2 face=Arial>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. The Fund'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="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>Level 1 &#8211;&nbsp;</FONT></TD>

   <TD vAlign=top width="99%" 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></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Level 2 </FONT><FONT size=2 face=Arial>&#8211;</FONT></P></TD>

   <TD vAlign=top width="99%" 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></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>

   &nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Level&nbsp;3 </FONT><FONT size=2 face=Arial>&#8211;</FONT></P></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="95%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right>&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>Level 2</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial style="border-bottom: 1pt solid black; padding-bottom: 1pt">Securities</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial style="border-bottom: 1pt solid black; padding-bottom: 1pt">Assets:</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></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial>Municipal Bonds</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=right><FONT size=2 face=Arial>418,403,885</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="95%" noWrap align=left><FONT size=2 face=Arial>Short-Term Investments</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>4,300,000</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="95%" noWrap align=left><FONT size=2 face=Arial>Total Value of Securities</FONT></TD>

   <TD width="1%" noWrap align=right><U><FONT size=2 face=Arial></FONT></U></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>422,703,885</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>During the year ended March 31, 2022, there were no transfers into or out of Level 3 investments. The Fund'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 the Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. During the year ended March 31, 2022, there were no Level 3 investments.</FONT></P>

<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>

<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, 2022 and 2021 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="99%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" colSpan=5 noWrap align=center><FONT size=2 face=Arial>Year ended</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3/31/22</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3/31/21</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Tax-exempt income</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>3,946,579</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>2,723,922</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Ordinary income</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>576</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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Long-term capital gains</FONT></TD>

   <TD width="1%" noWrap align=right></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>452,412</FONT></TD>

   <TD width="1%" noWrap align=right></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>267,178</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Total</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>4,399,567</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>2,991,100</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, 2022, the components of net assets on a tax basis were as follows:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Shares of beneficial interest</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>285,042,589</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Undistributed tax-exempt income</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>11,421</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Qualified late year loss deferrals</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>(2,372,110</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Capital loss carryforwards*</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>(20,151</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="99%" noWrap align=left><FONT size=2 face=Arial>Net unrealized appreciation on investments and foreign currencies</FONT></TD>

   <TD width="1%" noWrap align=right></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>2,044,230</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="99%" noWrap align=left><FONT size=2 face=Arial>Net assets</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>284,705,979</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR></TABLE>

<BR>

<TABLE style="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>A portion of the Fund's capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.</FONT></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>Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2022 through March 31, 2022 and November 1, 2021 through March 31, 2022, respectively, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.</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. Reclassifications are primarily due to reorganization-related adjustments and tax treatment of payments to preferred shareholders. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2022, the Fund recorded the following reclassifications:</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="96%" noWrap align=left><FONT size=2 face=Arial>Paid-in capital</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>279,643</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Total distributable earnings (loss)</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>(279,643</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>For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2022, the Fund utilized $43,702 of capital loss carryforwards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>At March 31, 2022, capital loss carryforwards available to offset future realized capital gains are as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>



   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT size=2 face=Arial>Loss carryforward character</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>



   <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 33%"><FONT size=2 face=Arial>Short-term</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; width: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 32%"><FONT size=2 face=Arial>Long-term</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right; width: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 33%"><FONT size=2 face=Arial>Total</FONT></TD></TR>

<TR vAlign=bottom>



   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>$20,151</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; 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>$&#8212;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>$20,151</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 face=Arial color=#b2b2b2>Notes to financial statements<BR></FONT><FONT size=2 face=Arial color=#b2b2b2>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</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 its declaration of trust, the Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. Shares issuable under the Fund&#8217;s dividend reinvestment plan are purchased by the Fund&#8217;s transfer agent, Computershare, Inc., in the open market. During the year ended March 31, 2022 and 2021, the Fund did not issue any shares under its dividend reinvestment plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>On April 25, 2019, the Fund priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the Securities Act of 1933, of approximately $30 million of Muni-MultiMode Preferred Shares, Series 2049 (MMP), with a $100,000 liquidation value per share. The Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP). The MMP shares was the same amount and value as the respective Fund&#8217;s VMTP shares. On February 11, 2022, the Fund acquired the assets of Delaware Investments Colorado Municipal Income Fund, Inc. (&#8220;VCF&#8221;) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (&#8220;VMM&#8221;), which included Series 2049 MMP preferred shares issued by each fund used as leverage (the &#8220;Reorganization&#8221;). The Reorganization caused the Fund&#8217;s total preferred shares outstanding to equal $135 million, with VCF&#8217;s Series 2049 MMP preferred shares becoming Series 2 and VMM&#8217;s Series 2049 MMP preferred shares becoming Series 3 of the MMP shares issued by the Fund. The Fund&#8217;s original tranche of Series 2049 MMP preferred shares is Series 1. The terms of the acquired funds&#8217; MMP shares are substantially similar to those of the Fund. For more information on the Reorganization see Note 7.</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 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 the Fund and are senior, with priority in all respects, to the Fund&#8217;s common shares as to payments of dividends. MMP shares are redeemable at par. The 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 rate for the year ended March 31, 2022 is 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; background-color: Silver"><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</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: right; background-color: Silver"><FONT size=2 face=Arial>0.38%</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund uses leverage because its managers believe that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by the Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage; accordingly, the use of structural leverage may hurt the Fund&#8217;s overall performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Leverage may also cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch, 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>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 "Statement of assets and liabilities". Dividends accrued and paid on the MMP shares are included as a component of interest expense in the "Statement 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;Statement of assets and liabilities&#8221; and &#8220;Offering costs&#8221; on the &#8220;Statement of operations.&#8221;</FONT></P>

<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>



<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>7. Reorganization</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>On November 9, 2021, the Board approved a proposal to reorganize (the &#8220;Reorganization&#8221;) Delaware Investments<SUP>&#174; </SUP>Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. (the &#8220;Acquired Funds&#8221;), each organized as Minnesota corporations, with and into Delaware Investments National Municipal Income Fund (the &#8220;Acquiring Fund&#8221;), organized as a Massachusetts business trust. Pursuant to an Agreement and Plan of Reorganization (the &#8220;Plan&#8221;): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of the Acquiring Fund, and the Acquiring Fund to achieve a larger asset level, which could potentially reduce its discounts as well as fixed expenses, greater liquidity to facilitate larger trading volumes, stronger investment opportunities due to scale and having a national investment focus, and the ability to implement other forms of leverage. The Reorganization was accomplished by a tax-free exchange of shares on February 11, 2022. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The share transactions associated with the Reorganization are as follows:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="90%" 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=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Shares</FONT></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></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</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>Acquired</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>Converted</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquiring</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Funds</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>Fund Shares</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>to Acquiring</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Fund</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>Conversion</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right>&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>Net Assets</FONT></TD>

   <TD width="1%" noWrap align=center>&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>Outstanding</FONT></TD>

   <TD width="1%" noWrap align=center>&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>Fund</FONT></TD>

   <TD width="1%" noWrap align=right>&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>Net Assets</FONT></TD>

   <TD width="1%" noWrap align=center>&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>Ratio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware Investments Colorado</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>Delaware Investments National</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Municipal Income Fund, Inc.</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Municipal Income Fund</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 90%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Common Shares</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: center; background-color: Silver"><FONT size=2 face=Arial>$71,680,609</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>4,837,100</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>4,995,164</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: center; background-color: Silver"><FONT size=2 face=Arial>$64,997,119</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=2 face=Arial>1.0327</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="90%" 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=center><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Shares</FONT></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></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</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>Acquired</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>Converted</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquiring</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Funds</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>Fund Shares</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>to Acquiring</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Fund</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>Conversion</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Net Assets</FONT></TD>

   <TD width="1%" noWrap align=center><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>Outstanding</FONT></TD>

   <TD width="1%" noWrap align=center><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>Fund</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Net Assets</FONT></TD>

   <TD width="1%" noWrap align=center><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>Ratio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware Investments Minnesota</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>Delaware Investments National</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Municipal Income Fund II</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Municipal Income Fund</FONT></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="90%" noWrap align=left><FONT size=2 face=Arial>Common Shares</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>164,074,927</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>11,504,975</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>11,433,793</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>64,997,119</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>0.9938</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The net assets of the Acquired Funds before the Reorganization were $235,755,536. The net assets of the Acquiring Fund immediately following the Reorganization were $300,752,655.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Assuming the Reorganization had been completed on April 1, 2021, the Acquiring Fund's pro forma results of operations for the year ended March 31, 2022, would have been 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="94%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="5" STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Delaware Investments National Municipal Income Fund</FONT> <FONT size=2 face=Arial></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Net investment income</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right>&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=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10,353,883</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Net realized loss on investments</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><FONT size=2 face=Arial>(2,024,210</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></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Net change in unrealized appreciation (depreciation)</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(22,051,855</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></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Net decrease in net assets resulting from operations</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 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>(13,722,182</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></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Fund's Statement of Operations since the Reorganization was consummated on March 31, 2022.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>8. 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,</FONT></P>

<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>
<!-- part 08 -->
<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 Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>8. Geographic, Credit, and Market Risks (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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 Fund's 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>The Fund concentrates its investments in securities issued by municipalities. 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. The 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, the Fund may invest a considerable portion of its assets in certain municipalities. As of March 31, 2022, the Fund has invested 59.61%, 26.04%, and 19.16% (each as a percentage of net assets) in securities issued by the State of Colorado, the State of Minnesota, and the Commonwealth of Puerto Rico, respectively. These investments could make the Fund more sensitive to economic conditions in those states than other more geographically diversified national municipal income funds. For a complete list of the Fund's holdings by state/territory, please see page 7.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The 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 the Fund invests in such obligations, the 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>From time to time, the 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>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 the 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>The 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: left"><FONT size=2 face=Arial>The Fund 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</FONT></P>
<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>

<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>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 Fund invests in securities with longer duration, it may be more sensitive to fluctuation of interest rates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The 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 Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.</FONT></P>
<P 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 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 the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund&#8217;s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund&#8217;s 15% limit on investments in illiquid securities. Rule 144A securities held by the Fund have been identified on the &#8220;Schedule of investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>9. Contractual Obligations</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund'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>10. Recent Accounting Pronouncements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In March 2020, FASB issued an Accounting Standards Update (ASU), 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. 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>11. Subsequent Events</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Management has determined that no material events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in the Fund's financial statements.</FONT></P>
<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 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 and Shareholders of Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Opinion on the Financial Statements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund (the &#8220;Fund&#8221;) as of March 31, 2022, the related statements of operations and cash flows for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (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 the Fund as of March 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2022 and the financial highlights for each of the five years in the period ended March 31, 2022 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 Opinion</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s 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 Fund 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, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>/s/PricewaterhouseCoopers LLP<BR>Philadelphia, Pennsylvania<BR>May 31, 2022</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 by Macquarie<SUP>&#174; </SUP>since 2010.</FONT></P>
<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>


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="otherfundinformation"></A>Other Fund information (Unaudited)</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 the 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 the 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, 2022, the Fund reported 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="87%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>(A)</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>(B)</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="2%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="87%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Long-Term</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Ordinary</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>(C)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="87%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Capital Gains</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Income</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Tax-Exempt</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Total</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="87%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>Distributions</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 87%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 2%; 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: 2%; 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: 2%; 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: 2%; 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="87%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial></FONT></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>10.28%</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>0.01%</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>89.71%</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="2%" noWrap align=center><FONT size=2 face=Arial>100.00%</FONT></TD></TR></TABLE>
<DIV>____________________</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial>(A), (B), and (C) are based on a percentage of the Fund&#8217;s total distributions.</FONT></P>
<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 Asset 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 Asset 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 Asset 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 Asset 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: left"><B><FONT size=2 face=Arial>Jake van Roden<BR></FONT></B><I><FONT size=2 face=Arial>Managing Director, 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 Asset Management Fixed Income (MFI) in the Americas. 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</FONT></P>
<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 face=Arial color=#b2b2b2>Other Fund information (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund management (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>trading in December 2012. Before that, van Roden interned at Macquarie Asset 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>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>38</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>



<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>

<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 US 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</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 COLOR=#B2B2B2>Other Fund information (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Fund management (continued) </FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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>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 8 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 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>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="boardoftrusteesandofficersaddendum"></A>Board of trustees / directors and officers addendum<BR></FONT><FONT size=2 face=Arial>Delaware Funds by Macquarie<SUP>&#174;</SUP></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>A mutual fund is governed by a Board of Trustees (&#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>



<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><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=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><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 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>Fund(s)</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 STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Interested Trustee</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial></FONT></B></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 15%; 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"></TD>

   <TD STYLE="width: 25%; 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"></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="25%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&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 Asset Management<SUP>2</SUP></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>146</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>(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 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>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>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>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>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>(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><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>Deputy Global Head of Macquarie Asset</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 Asset 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><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></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 15%; 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"></TD>

   <TD STYLE="width: 25%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=1 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=1 face=Arial></FONT></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Independent Trustees</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial></FONT></B></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 15%; 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"></TD>

   <TD STYLE="width: 25%; 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"></TD>

   <TD STYLE="width: 10%; 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"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face=Arial></FONT></B></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><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>146</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>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>Management, LLC (financial</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>technology: macro 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>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><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>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 vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;<FONT size=1 face=Arial></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><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>146</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>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>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>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><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>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 vAlign=bottom>

   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>&nbsp;</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><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>146</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>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>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>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>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>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><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>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>Director &#8212; Santander</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>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 vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;</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></FONT></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>146</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>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>(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>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>Hercules Technology</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>Growth Capital, Inc.</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><FONT size=1 face=Arial>(July 2004&#8211;July 2014)</FONT></TD></TR></TABLE>


<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  COLOR=#B2B2B2>Board of trustees / directors and officers addendum</FONT><BR><FONT size=2 face=Arial  COLOR=#B2B2B2>Delaware Funds by Macquarie<SUP>&#174;</SUP></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=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><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 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>Fund(s)</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 STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>H. Jeffrey Dobbs</FONT></B><FONT size=1 face=Arial><SUP>3</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>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></TD>

   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>146</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>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>Manufacturing, KPMG LLP</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>University</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>(2010&#8211;2015)</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>(2012&#8211;Present)</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, TechAccel LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <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>(2015&#8211;Present) (Tech</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>R&amp;D)</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>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&#8211;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>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>

<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>(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&#8211;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>

<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>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&#8211;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&#8211;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&#8211;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&#8211;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 Funds</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>Complex</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&#8211;2021)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;<B><FONT size=1 face=Arial></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></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></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></FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="10%" noWrap align=center><FONT size=1 face=Arial></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></FONT></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></TD>

   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>146</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>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>(August 2010&#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 and</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>President &#8212; Franklin &amp; Marshall College</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>Governance Committee</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><FONT size=1 face=Arial>(July 2002&#8211;June 2010)</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>Member &#8212; Community</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>

   <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></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>(May 2004&#8211;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 &#8212; Drexel Morgan</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>&amp; Co. (2015&#8211;2019)</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, Audit and</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>Compensation Committee</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>Member &#8212; vTv</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>Therapeutics Inc.</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>(2017&#8211;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 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>

<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>Credit Real Estate Income</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>Trust, Inc. (2018&#8211;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 &#8212; Federal</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>Reserve</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>Bank of Philadelphia</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>(January 2020&#8211;Present)</FONT></TD></TR></TABLE>


<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>

<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="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><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=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><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=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><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>Fund(s)</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 STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Joseph Harroz, Jr.</FONT></B><FONT size=1 face=Arial><SUP>3</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>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>President (2020&#8211;Present), Interim President</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>146</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, OU Medicine, Inc</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>(2019&#8211;2020), Vice President (2010&#8211;2019) and</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>(2020&#8211;Present)</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>Dean, College of Law (2010&#8211;2019), University</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>Director and Shareholder,</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><FONT size=1 face=Arial>of Oklahoma; Managing Member, Harroz</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>Valliance Bank</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>January 1967</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>Investments, LLC, (commercial enterprises)</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>(2007&#8211;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><FONT size=1 face=Arial>(1998&#8211;2019); Managing Member, St. Clair,</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>Director, Foundation</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>LLC (commercial enterprises) (2019&#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>Healthcare (formerly</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>Graymark 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>(2008&#8211;2017)</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, the Mewbourne</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>Family Support</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>Organization (2006&#8211;-</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>Present) (non-profit)</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>Independent Director, LSQ</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>Manager, Inc. (real estate)</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>(2007&#8211;2016)</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, Oklahoma</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>Foundation for Excellence</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>(non-profit)</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>(2008&#8211;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>Trustee, Ivy Funds</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>Complex (1998&#8211;2021)</FONT></TD></TR></TABLE>


<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>
<!-- part 10 -->
<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>Board of trustees / directors and officers
addendum</FONT><BR>
<FONT size=2 face=Arial  color=#b2b2b2>Delaware Funds by
Macquarie<SUP>&#174;</SUP></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=center><B><FONT size=1 face=Arial></FONT></B></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=center><B><FONT size=1 face=Arial></FONT></B></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="BORDER-BOTTOM: #000000 1pt solid" width="15%" noWrap align=center><B><FONT size=
1 face=Arial>and Birth Date</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>Fund(s)</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="15%" noWrap align=center><B><FONT size=
1 face=Arial>Served</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="25%" noWrap align=center><B><FONT size=
1 face=Arial>Past Five Years</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>or Officer</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="20%" noWrap align=center><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>Sandra A.J.
Lawrence</FONT></B><FONT size=1 face=Arial><SUP>3</SUP></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>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>Chief Administrative Officer,
Children&#8217;s Mercy</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>146</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, Hall
Family</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Hospitals and Clinics
(2016&#8211;2019); CFO,</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Foundation</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Children&#8217;s Mercy Hospitals and
Clinics (2005&#8211;</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=
Arial>(1993&#8211;Present)</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>2016)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director, Westar
Energy</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>September 1957</FONT></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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(utility)
(2004&#8211;2018)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Trustee,
Nelson-Atkins</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Museum of Art
(non-profit)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=
Arial>(2021&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(2007&#8211;2020)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Turn the
Page</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>KC (non-profit)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(2012&#8211;2016)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Kansas</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Metropolitan Business
and</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Healthcare Coalition
(non-</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>profit)
(2017&#8211;2019)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, National</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Association of
Corporate</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Directors
(non-profit)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>National Board
(2022-</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Present); Regional
Board</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(2017&#8211;2021)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, American
Shared</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Hospital Services
(medical</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>device)
(2017&#8211;2021)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Evergy,
Inc.,</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Kansas City Power &amp;
Light</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Company, KCP&amp;L
Greater</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Missouri
Operations</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Company, Westar
Energy,</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Inc. and Kansas Gas
and</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Electric Company
(related</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>utility companies)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=
Arial>(2018&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Stowers</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(research) (2018)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Co-Chair, Women</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Corporate
Directors</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(director
education)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(2018&#8211;2020)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Trustee, Ivy Funds</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Complex
(2019&#8211;2021)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Brixmor
Property</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Group Inc.
(2021&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Sera</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Prognostics Inc.</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(biotechnology)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=
Arial>(2021&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director, Recology</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(resource
recovery)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=
Arial>(2021&#8211;Present)</FONT></TD></TR></TABLE>

<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>


<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=center><B><FONT size=1 face=Arial></FONT></B></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=center><B><FONT size=1 face=Arial></FONT></B></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="BORDER-BOTTOM: #000000 1pt solid" width="15%" noWrap align=center><B><FONT size=
1 face=Arial>and Birth Date</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>Fund(s)</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="15%" noWrap align=center><B><FONT size=
1 face=Arial>Served</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="25%" noWrap align=center><B><FONT size=
1 face=Arial>Past Five Years</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>or Officer</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="20%" noWrap align=center><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>Frances A.</FONT></B></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>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 September 2011</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><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face=Arial>146</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>Trust Manager and
Audit</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>Sevilla-Sacasa</FONT></B></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(January
2017&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Committee Chair
&#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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Chief Executive Officer &#8212;
Banco Ita&#250;</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Camden Property
Trust</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>International</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(August
2011&#8211;Present)</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(April 2012&#8211;December
2016)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director; Audit</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>January 1956</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Executive Advisor to Dean (August
2011&#8211;</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>and Compensation</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>March 2012) and Interim
Dean</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(January 2011&#8211;July 2011)
&#8212; University of</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Callon Petroleum</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Miami School of Business
Administration</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Company</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>President &#8212; U.S. Trust, Bank
of America</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(December
2019&#8211;Present)</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Private Wealth Management (Private
Banking)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; New
Senior</FONT></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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(July 2007-December
2008)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Investment Group
Inc.</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(January
2021&#8211;September</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>2021)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director; Audit
Committee</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Member &#8212; Carrizo Oil
&amp;</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Gas, Inc. (March
2018&#8211;</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>December 2019)</FONT></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>Thomas K.
Whitford</FONT></B></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>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>Vice Chairman &#8212;
PNC</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>146</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; HSBC
North</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Financial Services
Group</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>America Holdings
Inc.</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(2010&#8211;April 2013)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(December
2013&#8211;Present)</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=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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212;
HSBC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>March 1956</FONT></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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>USA Inc.</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(July
2014&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; HSBC
Bank</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>USA, National
Association</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(July 2014&#8211;March
2017)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director &#8212; HSBC
Finance</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Corporation</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(December
2013&#8211;April</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>2018)</FONT></TD></TR></TABLE>

<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 size=6  color=#b2b2b2 face=Arial>Board of trustees / directors and officers
addendum<BR></FONT><FONT size=2 face=Arial  color=#b2b2b2>Delaware Funds by Macquarie<SUP>&#174;</SUP></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=center><B><FONT size=1 face=Arial></FONT></B></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=center><B><FONT size=1 face=Arial></FONT></B></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="BORDER-BOTTOM: #000000 1pt solid" width="15%" noWrap align=center><B><FONT size=
1 face=Arial>and Birth Date</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>Fund(s)</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="15%" noWrap align=center><B><FONT size=
1 face=Arial>Served</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="25%" noWrap align=center><B><FONT size=
1 face=Arial>Past Five Years</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="10%" noWrap align=center><B><FONT size=
1 face=Arial>or Officer</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="20%" noWrap align=center><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>Christianna Wood</FONT></B></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>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>Chief Executive Officer
and</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>146</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; Finance</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>President &#8212; Gore Creek
Capital, Ltd.</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>Committee and
Audit</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=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=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(August
2009&#8211;Present)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>
   <TD width="10%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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>19106-2354</FONT></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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>H&amp;R Block
Corporation</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>August 1959</FONT></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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="20%" noWrap align=center><FONT size=1 face=Arial>(July
2008&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director;
Investments</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Committee, Capital
and</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Finance Committee,
and</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Audit Committee
Member</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>&#8212; Grange
Insurance</FONT></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=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="20%" noWrap align=center><FONT size=1 face=
Arial>(2013&#8211;Present)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Trustee; Chair of</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Nominating and</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Governance
Committee</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>and Audit
Committee</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Member &#8212; The
Merger</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Fund
(2013&#8211;October</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>2021), The Merger
Fund</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>VL (2013&#8211;October
2021);</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>WCM Alternatives:
Event-</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Driven Fund
(2013&#8211;</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>October 2021), and
WCM</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Alternatives: Credit
Event</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Fund (December
2017&#8211;</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>October 2021)</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Director; Chair of</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Governance
Committee</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>and Audit
Committee</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Member &#8212;
International</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>Securities
Exchange</FONT></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=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="20%" noWrap align=center><FONT size=1 face=Arial>(2010&#8211;2016)</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>Janet L. Yeomans</FONT></B></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>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 1999</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>Vice President and Treasurer
(January 2006&#8211;</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>146</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; Personnel
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></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><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>July 2012), Vice President &#8212;
Mergers &amp;</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>Compensation
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></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><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>Acquisitions</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>Chair; Member of</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></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><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(January 2003&#8211;January 2006),
and Vice</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>Nominating,
Investments,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><FONT size=1 face=Arial>July 1948</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="15%" noWrap align=center></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 and Treasurer</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>and Audit Committees
for</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><FONT size=1 face=Arial></FONT></TD>
   <TD width="25%" noWrap align=center><FONT size=1 face=Arial>(July 1995&#8211;January 2003)
&#8212; 3M Company</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>various periods
throughout</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>directorship &#8212;
Okabena</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>Company
(2009&#8211;2017)</FONT></TD></TR>
<TR>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=11 align=
center>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 15%; white-space: nowrap; text-align: left"><B><FONT size=1 face=
Arial>Officers</FONT></B></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 10%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 15%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 25%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 10%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: center"></TD>
   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 20%; white-space: nowrap; text-align: center"></TD></TR>
<TR>
   <TD width="100%" colSpan=11 align=center>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="15%" noWrap align=center><B><FONT size=1 face=Arial>David F. Connor</FONT></B></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>Senior Vice 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>Senior Vice President,</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>David F. Connor has served in
various</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>146</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<SUP>4</SUP></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>General Counsel, and</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 May 2013; General</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>capacities at different times at
Macquarie Asset</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></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>Secretary</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>Counsel since May</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.</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></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></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>2015; Secretary since</FONT></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>December 1963</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="15%" noWrap align=center><FONT size=1 face=Arial>October 2005</FONT></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>Daniel V.
Geatens</FONT></B></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>Senior Vice 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>Senior Vice President</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>Daniel V. Geatens has served in
various</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>146</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<SUP>4</SUP></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>and Treasurer</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>and Treasurer 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>capacities at different times at
Macquarie Asset</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></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></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>October 2007</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.</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></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></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 1972</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="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>Richard Salus</FONT></B></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>Senior Vice 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>Senior Vice President</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>Richard Salus has served in various
capacities</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>146</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>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>and Chief Financial</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>and Chief Financial</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>at different times at Macquarie
Asset</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></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>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>Officer since November</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.</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></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></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>2006</FONT></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 1963</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="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>
<BR>
<TABLE style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" 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=1 face=Arial><FONT size=1 face=
Arial></FONT><SUP>1</SUP></FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt"><FONT size=1 face=Arial>Shawn K. Lytle is considered to be
an &#8220;Interested Trustee&#8221; because he is an executive officer of the
Manager.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=1 face=Arial><SUP>2</SUP></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=1 face=Arial>Macquarie Asset Management is the
marketing name for certain companies comprising the asset management division of Macquarie Group,
including the Fund's Manager, principal underwriter, and transfer agent.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>46</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="FONT-SIZE: 7pt; LINE-HEIGHT: normal" 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=1 face=Arial><SUP>3</SUP></FONT></TD>
   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 99%; text-align: left; padding-right: 4pt"><FONT size=1 face=Arial>Messrs. Dobbs and Harroz and Ms.
Lawrence were appointed as Trustees of the Trust effective April 30, 2021.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=1 face=Arial><SUP>4</SUP></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=1 face=Arial>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 Fund. 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 Fund.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>47</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="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 Investments<SUP>&#174; </SUP>National Municipal Income Fund shareholders.</FONT></P>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD vAlign=top width="33%" align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Board of
directors/trustees</FONT></B></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Shawn K. Lytle<BR></FONT></B><FONT size=
2 face=Arial>President and<BR></FONT><FONT size=2 face=Arial>Chief Executive Officer<BR>Delaware
Funds by Macquarie<SUP>&#174;</SUP></FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Jerome D.
Abernathy<BR></FONT></B><FONT size=2 face=Arial>Managing Member<BR></FONT><FONT size=2 face=
Arial>Stonebrook Capital Management, LLC</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Thomas L.
Bennett<BR></FONT></B><FONT size=2 face=Arial>Chairman of the Board<BR>Delaware Funds by
Macquarie<BR>Private Investor</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Ann D. Borowiec<BR></FONT></B><FONT size=
2 face=Arial>Former Chief Executive Officer<BR>Private Wealth Management<BR>J.P. Morgan Chase &amp;
Co.</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Joseph W. Chow<BR></FONT></B><FONT size=
2 face=Arial>Private Investor</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>H. Jeffrey
Dobbs*<BR></FONT></B><FONT size=2 face=Arial>Former Global Sector Chairman<BR>of Industrial
Manufacturing KPMG LLP</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>John A. Fry*<BR></FONT></B><FONT size=
2 face=Arial>President<BR>Drexel University</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Joseph Harroz,
Jr.<BR></FONT></B><FONT size=2 face=Arial>President<BR></FONT><FONT size=2 face=Arial>University of
Oklahoma</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Sandra A.J.
Lawrence*<BR></FONT></B><FONT size=2 face=Arial>Former Chief Administrative Officer<BR>Children's
Mercy Hospitals and Clinics</FONT></P>


   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>*&nbsp;Audit committee
member</FONT></P></TD>
   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="32%" align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Frances A.
Sevilla-Sacasa*<BR></FONT></B><FONT size=2 face=Arial>Former Chief Executive Officer<BR>Banco
Ita&#250; International</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Thomas K.
Whitford<BR></FONT></B><FONT size=2 face=Arial>Former Vice Chairman<BR>PNC Financial Services
Group</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Christianna Wood<BR></FONT></B><FONT size=
2 face=Arial>Chief Executive Officer and President<BR>Gore Creek Capital, Ltd.</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Janet L. Yeomans<BR></FONT></B><FONT size=
2 face=Arial>Former Vice President and Treasurer<BR>3M Company</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Affiliated officers</FONT></B></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>David F. Connor<BR></FONT></B><FONT size=
2 face=Arial>Senior Vice President,<BR></FONT><FONT size=2 face=Arial>General Counsel, and
Secretary<BR>Delaware Funds by Macquarie</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Daniel V.
Geatens<BR></FONT></B><FONT size=2 face=Arial>Senior Vice President and Treasurer<BR>Delaware Funds
by Macquarie</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Richard Salus<BR></FONT></B><FONT size=
2 face=Arial>Senior Vice President and<BR>Chief Financial Officer<BR>Delaware Funds by
Macquarie</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Investment
manager<BR></FONT></B><FONT size=2 face=Arial>Delaware Management Company, a series<BR>of Macquarie
Investment Management<BR>Business Trust (MIMBT)</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Principal office of the
Fund<BR></FONT></B><FONT size=2 face=Arial>610 Market Street<BR>Philadelphia, PA
19106-2354</FONT></P>


   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Independent registered
public<BR></FONT></B><B><FONT size=2 face=Arial>accounting firm<BR></FONT></B><FONT size=2 face=
Arial>PricewaterhouseCoopers LLP<BR>Two Commerce Square <BR>Suite 1800 <BR>2001 Market Street
<BR>Philadelphia, PA 19103-7042</FONT></P></TD>
   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="33%" align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Registrar and stock transfer
agent<BR></FONT></B><FONT size=2 face=Arial>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"><B><FONT size=2 face=Arial>For securities dealers and
financial<BR>institutions representatives<BR></FONT></B><FONT size=2 face=Arial>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"><B><FONT size=2 face=Arial>Number of recordholders as
of<BR></FONT></B><FONT size=2 face=Arial>March 31, 2022<BR></FONT><FONT size=2 face=Arial>National
Municipal Fund
&nbsp;&nbsp;&nbsp;&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<BR></FONT></B><FONT size=1 face=Arial>Delaware Investments National Municipal Income Fund
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>The 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. The Fund&#8217;s Forms N-PORT, as well as a
description of the policies and procedures that the Fund uses 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 Fund uses to determine how to vote proxies (if any) relating to
portfolio securities and the Schedules of Investments included in the Fund's most recent Forms
N-PORT are available without charge on the Fund's website at delawarefunds.com/closed-end. The
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 the 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 Fund's 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: left"><FONT size=2 face=Arial>48</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>



</DIV>


<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 by Macquarie<SUP>&#174;</SUP> 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>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></DIV>


<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">H. Jeffrey Dobbs<BR>
John A. Fry<BR>
Sandra A.J. Lawrence<BR>
Frances Sevilla-Sacasa, Chair
</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 $34,596  for the fiscal year ended March 31, 2022.</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">(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, 2022.</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 $1,134,001  for the registrant&#8217;s fiscal year ended March 31, 2022. 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, 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>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<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 $3,150  for the fiscal year ended March 31, 2022. 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, 2022. 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, 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">(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, 2022.</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, 2022. 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, 2021.</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<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">(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 by Macquarie<SUP>&#174;</SUP>.</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>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR>

<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 $9,044,000  and $8,455,000  for the registrant&rsquo;s fiscal years ended March 31, 2022 and March 31, 2021, 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 H. Jeffrey Dobbs, John A. Fry, Sandra A.J. Lawrence, and
Frances Sevilla-Sacasa .
</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>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<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
proxy advisory firms 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 the proxy advisory
firm&#146;s services. If a proxy has been voted for the registrant, the proxy advisory firm will create a
record of the vote. By no later than August 31 of each year, information (if any) regarding how
the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-
month period ended June 30 is available without charge (i) through the registrant&#146;s website at
http://delawarefunds.com/proxy; and (ii) on the Securities and Exchange Commission&#146;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 the proxy advisory firm  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 the proxy advisory firm&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 the proxy advisory firm&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 the proxy advisory firm&rsquo;s research recommendation or abstain from voting.</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<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, 2022, 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">19</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">$8.7 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">37</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">$4.0 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="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">19</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">$8.7 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">26</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">$4.3 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="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">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">$8.0 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">1</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">$125.1 million</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>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Accounts managed by the portfolio managers may 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>
<HR align=center SIZE=2 width="100%" noShade>
<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 Asset
Management Public Investments 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 Asset Management Public Investments Notional Investment Plan  </FONT></I></B><FONT size=2 face="Times New Roman">&#8212; A
portion of a portfolio manager&#146;s retained profit share may be notionally exposed to the return of
certain funds within MAM Funds pursuant to the terms of the Macquarie Asset Management
Public Investments 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&#146;s retained profit share may be invested in the Macquarie Group Employee Retained
Equity Plan (&#147;MEREP&#148;), 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, 2022, the portfolio managers did not own any shares of the Fund.</FONT></P>
<TABLE style="WIDTH: 100%; line-height:2pt" cellSpacing=0 cellPadding=0 border=0>

<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&#146;s principal executive officer and principal financial officers, or persons
performing similar functions, have concluded that the registrant&#146;s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based
on their evaluation of these controls and procedures required by Rule 30a-3(b) under the
Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(
b)) and provide 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>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">There were no significant changes in the registrant&#146;s internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR
270.30a-3(d)) 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&#146;s
internal control over financial reporting.
</FONT></P>
<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="mimnmif4058541-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="mimnmif4058541-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>
<HR align=center SIZE=2 width="100%" noShade>
<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 7, 2022</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 7, 2022</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 7, 2022</FONT></TD></TR></TABLE><BR>

<HR align=center SIZE=2 width="100%" noShade>
</div>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>mimnmif4058541-ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>

<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>
  <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 7, 2022</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 7, 2022</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>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>mimnmif4058541-ex99906cert.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>

<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 7, 2022
</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>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>mimcef4058541-ncsr1x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr1x1x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  ; 'P# 2(  A$! Q$!_\0
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M:7[:WQ _X*&^(-)_X*1?M!? &/X%?\% /CY^SE\)O!W@GX<_L\^+/ .@>#_
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MC9:;9V!T+09KG4G!6B_M:_WK*ZL]DHVWLN^NI]4^*_\ @M?I&GO^U%JOP_\
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C3:1JL!,=>C4"=NB_S_KKZA1110(**** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>mimcef4058541-ncsr1x1x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr1x1x2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  ; (@# 2(  A$! Q$!_\0
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M2?&LWA3Q+IVGWF@S:;:Z9.^MZM!=Z^-?OK3PT=*^-OV;/^"??_!*.T_X)?>
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M\)V<6NZA9V6J006UY-<K9WB3,#Y'[N]I;NVS:;6[L[I7OWT/Z7O"/Q>^$_Q
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MAY<Z!XL^#/PB_;6_;4^ /['OQ%U?7=0\<?LB_#SXBZ)=?#)=,\32/+XC\(>
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>EZJEE>6MVUC=3BVNK>8I*A7ZPT4 VWO^27Y)'__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>mimcef4058541-ncsr2x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x1x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" "X DD# 2(  A$! Q$!_\0
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M#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\
M_%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?L
MZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_
M ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5.
M_P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_
M]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@
MWH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_
M ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6
M?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO
M^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O
M_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\
M1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z
M#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\
M_%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?L
MZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_
M ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5.
M_P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_
M]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@
MWH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_
M ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6
M?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO
M^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O
M_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\
M1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z
M#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\
M_%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?L
MZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_
M ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5.
M_P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_
M]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@
MWH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_
M ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6
M?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO
M^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O
M_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\
M1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z
M#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_ ** /@#_ (>6?LZ_]$Y_;_\
M_%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5._P#!4W_Z#>OO^B@#X _X>6?L
MZ_\ 1.?V_P#_ ,5._P#!4W_Z#>C_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WK[_
M ** /@#_ (>6?LZ_]$Y_;_\ _%3O_!4W_P"@WH_X>6?LZ_\ 1.?V_P#_ ,5.
M_P#!4W_Z#>OO^B@#P#X%_M+?#K]HC_A*?^$ \.?'_P /_P#"'_V)_:W_  O/
M]D[]J;]E_P"U_P#"0?VO]A_X1;_AI?X-_"3_ (3G[/\ V)>_VW_PA7_"0?\
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M1^SK_P#/&H_X>Q?\$LO^DEG[ '_B9'[.O_SQJ^_Z* /@#_A[%_P2R_Z26?L
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M_P""B'[%NG&,3_'_ ,(R&4,5^PV?B75 -A4$2-INAW:PD[AM68QEQN*!@K$
M'(?\/8O^"67_ $DL_8 _\3(_9U_^>-1_P]B_X)9?])+/V /_ !,C]G7_ .>-
M56__ ."IW[#=G&'A^,5WJ<GFB)H+'X;_ !061%VN3,7U#P;86[1*R!#Y<[R%
MI$*QLF]TXG4?^"O/['%E]H^S:Q\0=8\D@1C3O MY%]K!*C=;_P!K7FEA0 23
M]K-JV%;"DE0P!Z!_P]B_X)9?])+/V /_ !,C]G7_ .>-1_P]B_X)9?\ 22S]
M@#_Q,C]G7_YXU>%7_P#P6B_96M7:.U\'?'+4_P!UO2:V\*^"8+<R'=B%VOOB
M+:7*$$+O=;61 K H9&#*.'OO^"VWP6C6,Z9\'/BA=L2WG+?7WA33@@&W88VM
M]3U3S2Q+;@RP[ H(+EL* ==\._\ @N__ ,$LOB%\=OVB_@7_ ,-A?L_^!_\
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M  3#?Q&+G^W9FUI_$?['[_V4T=CI%Q:073:5'H.K2!K^ZB,<E[&EL0+BZEB
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M*U_X)E:_^T!J822YG@C6WG\ >$? -K>7D8NM+MXY?[*:W>^BED>Q>/4(+&S
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MG^P!_P"(;_LZ_P#SN: /XU4_X*H_\'?/P=CB7QM^P%XL^*IC2U+R/^Q!XO\
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MT_V /_$-_P!G7_YW/%?B#_P<>?\ !/;]@7X'?\$8_P!LGXI?!3]A[]D#X/\
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MFM?M&:Q':RK<W=M-9ZMX)\)>#=!GDBL(?-EN[GPW<V4L-O=WGV6WA.VU)/\
M@G]_P<$_M42?9O"O_!(W]C7X&Z!J?EK<VL?_  3T_P""8OP$CTZVG6WM9+K^
MU_C+\/(?B7;?90TM[);Z3J\NJEI;AK:RN'@L[>V /]3"N%\=?%'X9_"^P75?
MB7\1/ OP[TMUD=-2\=>+M \)6#I%CS66\U_4-/MV6+<OF,)"$W#<1D5_F9^$
M?^#/C_@K1\8M4C\1?%/Q=^Q=\#UN5+W^G?\ "1W-O?6WVAKR],=AX3^!?P;N
MO ;S0WDXMY0NNZ=!!9M%#8SW%K86EFOW]\+?^#';4'>VN_C7_P %#+.WC61/
MMGA_X6_L]3WCS1"=3)]F\8>+/BK8K;2/:J\:>;X&NUCGF69O,CMC#=@']8OQ
M3_X+8?\ !)3X-FXC\;_\%"_V6)+JTR+O3_ WQ5T#XKZM:RK)/$]M=:1\*Y_&
M>IV]Y%);2K-936B7<683+ JW-L9OYI_V5/\ @X!_X)8? [_@K)_P67_:4\8?
MM :]=?!3]K=O^">2? ;QMX?^"_QFU!?&)^ /[-WB/X?_ !3-QX?N? MAXJ\-
MKX?\7:K;:3;OXET/24UP++J&AG4=+5+V3ZP^&/\ P9B?\$O/"4=O/\0_BI^U
MU\6M254%W!??$'X>>#?#4SK$Z.UMIGA3X66OB"U6223SF6;QA>E?)MT1PHN/
MM7S_ /L"_P#!"_\ X);>)_\ @JG_ ,%HOV7?'/[+VF^/_@U^RFO_  3E7X$^
M'?%_Q#^*]]>^"#\</V</&'Q!^*+IX@L_'&GZWK3>*?%=M::C*->O=2338[2W
ML='73[%#;, ?=[_\'>'_  1L5V5?&_Q^D"LRJZ? C7PK@$@.HDU*-PKCE0Z(
MX!PRJ>*XW5?^#QC_ ()#Z??SV=I8?M8:Y;P^5Y>JZ5\%O#D-A=>9#'*_D1ZW
M\3='U-?(=VMI?M.G6V9H9&A\ZW,4\OZ!Z/\ \&Z?_!%70[U;^R_8#^%D\ZQR
M1"/6/$WQ7\0V6V0 ,6TW7_B#J>G-( /W<K6IEB.6B="23V5O_P $#O\ @CA:
MW$%S%_P3U_9Z:2WFBGC6XT#5;RW9X761%GM+O6I[6ZA+*!+;W,,UO.A:*:*2
M-F0@'Y-Z[_P>>_\ !*'2?LO]G_"[]N#Q1]H\_P W^POA'\'K?[#Y7D^7]J_X
M27]H7P[O^T^:_D?8OMFW[/-]I^S[H//X_5?^#UK_ ()CPV$\FB?L[?MWZAJB
M^5]FL]5^'_[/VCV$V9HUF\_4;3]I37+BV\NW,LL7EZ5=>=,D<#^0DK7,/[G?
M\.4O^"1_'_&N7]D#_P ,?X(Y^O\ Q*J[:R_X)(_\$K-/L[:Q@_X)K?L%20VL
M,<$3WW[(GP"U.\=(U"JUSJ&I> +N_O)B!F2XO+F>XE;+2RNQ)(!_.7_Q&T?L
M"_\ 1J/[7_\ X#_!C_YZ->+?\&Y7_!?S_@FY^SQ^P/\ L[?L$_M)?$_Q%\ ?
MBQ\);KXLVLWC7XB^$[L?!KQ:_P 1OCE\4?BOI7]C>/\ PQ<>(T\.+INA^-+'
M3]9NOB3IG@72HM6M;B#3]2U&.2UEG_JG_P"'3O\ P2R_Z1I_L ?^(;_LZ_\
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M/V"OV*?A7_P3N_9.^%/['7P4U_X@>*/AE\'_ /A.O^$9UWXI:KX<UOQW??\
M"P/B3XQ^*6L_V[J?A/PIX)\/W/V;Q!XWU6STS^S_  QIGDZ-;Z?;W7VV]BN=
M0NP#\BOAW_P:E?\ !$[P-]EDUG]FWQM\4;NS:*6*[^(GQ]^-'[RX@F@GCFNM
M.\!^,_ NB7JDPF.6RN]+FTVYAGGBN;*9&0)]U_#O_@B/_P $C?A<+7_A%O\
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M]N^$?%FFZOX?U?\ LCQ!I&E:[IG]H:?<?8-8TS3]3M?*O;*VGB] HH ****
M"BBB@ _K7\^O_!1?3M/O/^"['_!NL;NQL[HF3_@K',3<6T$Y,ND_LD>"-2TJ
M4F5&)DTS40+_ $]S\UG>@75L8YQYE?T%44 '^?\ /^>]%%% !1110 5Y_P"'
M?A-\+/"'COXB_%+PG\-/A_X7^)OQ@_X1'_A;7Q%\.^#?#NB>._BC_P *_P!'
MG\.^ O\ A8OB[3=.MO$'C?\ X0CP_<W.A>$?^$FU#4_^$;T>XGTS1OL5E+)
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MVI/@OX5UL>$_%UUI\NOZ!'J_AKQ'KVA:G#IFH6T5]I6L:C97*2P74R-]C_\
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M'_"/_P#"4^)O^)O=_P!J^,=;\0ZW_H_]I?980#]?J*_ '_AP7_UFH_X+_?\
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MZ /W^HK\ ?\ AP7_ -9J/^"_W_BQO_\ $W1_PX+_ .LU'_!?[_Q8W_\ B;H
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M /Q-T?\ #@O_ *S4?\%_O_%C?_XFZ /W^HK\ ?\ AP7_ -9J/^"_W_BQO_\
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M]_XL;_\ Q-T ?O\ 45^ /_#@O_K-1_P7^_\ %C?_ .)NC_AP7_UFH_X+_?\
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M$^H+;PB^FL;2:YN+6SENP@GDM+:>]O)[>W>0PPS7=S+&BO/*SVO\_P#UZ**
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MP]:^((I-*N/#7AT _=ZBOP!_X=X?\%U_^EBK_P Y&_L>?_-M1_P[P_X+K_\
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M?V//_FVH _?ZBOP!_P"'>'_!=?\ Z6*O_.1O['G_ ,VU'_#O#_@NO_TL5?\
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M7_PMO]I#P[_P21_9>7P)^RK_ ,*7^&VE^-_ 7_"Q8]-M?$7A^7_A>/B"_N?
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MU%?@#_P[P_X+K_\ 2Q5_YR-_8\_^;:C_ (=X?\%U_P#I8J_\Y&_L>?\ S;4
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MB_X4=X@L+;P'XN_X1KQW\1=^L:A VL_\(C>A-'G /ZO:*_ '_AWA_P %U_\
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M/_[/GB75(X[GQI\#/B+<Z5J*V"W;-XQ^&7BBUU7X:?$FSM/$.D6>I^(OMF@
MHHHH **X/XI_$;PY\'_AC\1OBWXP_M'_ (1'X6^ _%_Q&\4G1["75=6_X1SP
M1X?U#Q-K?]EZ7 1/J6H_V9IEU]BL(2);RY\JWC(>0$?AM/\ MM?M]_M._%;X
M7>(_V3?@Y#\)_$'P#^%"_M!?'C]D?XZ>/_AAJ^E_M>_LW_M+Z7I-S^S5K'P@
M^+/PZN_&'AWP]XQU6]^%7QQT;0_&#:_9Z5\-?BAX57PO\1M$\3?#7Q]:>*
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M]I'0/!I;4/"6I:IX;\*Z/\<_#>F:A%'I'ASXP>&/%?A35@#]RZ*** "BBB@
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MEL=8UW0-(\03:=:>(3\/X_'6I>(M=\/>'[IX+*T?46NSI]O>228]BH ****
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M+C1/A];WK_"3XO>&O''[0VE7'B/Q#X!^ W@[QCXFG\?^(-?\*^&&\3ZOU/\
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M>/\ X$_LZ>#9M5\-_#'P5;?M/_$O_A=WQ8\6_%VU+VY^+GQ3_P"$YU.]\$>
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MH[>UMH8H(8TCC50 ::(J JBJH+.Y"J%!>1VDD;  &YW9G=NK,S,Q+$DNHHH
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MU^#5K>_$?6/&_@[0-1\2Z;Y'@_P_?:'X6TW]@Z "BBB@ K\VOV[_ -N_PO\
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MK;]B3XS^,_'/C/7O%'[:_P"R)^T1^U'X_P#&NI_#O3/">K^,_BY^PWK'Q?\
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*U%% !1110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>mimcef4058541-ncsr2x1x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x1x2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  % !8# 2(  A$! Q$!_\0
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K*BBBNKFEIKMZ?Y&=E9Z=OU'*"3P<<?X4444FVW=[_P!=K$22OMT_5G__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>mimcef4058541-ncsr2x1x3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x1x3.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  % !4# 2(  A$! Q$!_\0
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<TVU2OHN\?+S$(!Z@'ZT444&4K.3T6[Z+_(__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>mimcef4058541-ncsr2x2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x2x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" "U ET# 2(  A$! Q$!_\0
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M /!=?_I75_\ .N7['G_S$T?\/#_^"Z__ $KJ_P#G7+]CS_YB:_?ZB@#\ ?\
MAX?_ ,%U_P#I75_\ZY?L>?\ S$T?\/#_ /@NO_TKJ_\ G7+]CS_YB:_?ZB@#
M\ ?^'A__  77_P"E=7_SKE^QY_\ ,31_P\/_ ."Z_P#TKJ_^=<OV//\ YB:_
M?ZB@#\ ?^'A__!=?_I75_P#.N7['G_S$T?\ #P__ (+K_P#2NK_YUR_8\_\
MF)K]_J* /P!_X>'_ /!=?_I75_\ .N7['G_S$T?\/#_^"Z__ $KJ_P#G7+]C
MS_YB:_?ZB@#\ ?\ AX?_ ,%U_P#I75_\ZY?L>?\ S$T?\/#_ /@NO_TKJ_\
MG7+]CS_YB:_?ZB@#\ ?^'A__  77_P"E=7_SKE^QY_\ ,31_P\/_ ."Z_P#T
MKJ_^=<OV//\ YB:_?ZB@#\ ?^'A__!=?_I75_P#.N7['G_S$T?\ #P__ (+K
M_P#2NK_YUR_8\_\ F)K]_J* /P!_X>'_ /!=?_I75_\ .N7['G_S$T?\/#_^
M"Z__ $KJ_P#G7+]CS_YB:_?ZB@#\ ?\ AX?_ ,%U_P#I75_\ZY?L>?\ S$T?
M\/#_ /@NO_TKJ_\ G7+]CS_YB:_?ZB@#\ ?^'A__  77_P"E=7_SKE^QY_\
M,31_P\/_ ."Z_P#TKJ_^=<OV//\ YB:_?ZB@#\ ?^'A__!=?_I75_P#.N7['
MG_S$T?\ #P__ (+K_P#2NK_YUR_8\_\ F)K]_J* /P!_X>'_ /!=?_I75_\
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MX _X>Q?\$LO^DEG[ '_B9'[.O_SQJ/\ A[%_P2R_Z26?L ?^)D?LZ_\ SQJ
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M1^SK_P#/&H_X>Q?\$LO^DEG[ '_B9'[.O_SQJ /O^BO@#_A[%_P2R_Z26?L
M?^)D?LZ__/&H_P"'L7_!++_I)9^P!_XF1^SK_P#/&H ^_P"BO@#_ (>Q?\$L
MO^DEG[ '_B9'[.O_ ,\:C_A[%_P2R_Z26?L ?^)D?LZ__/&H ^_Z*^ /^'L7
M_!++_I)9^P!_XF1^SK_\\:C_ (>Q?\$LO^DEG[ '_B9'[.O_ ,\:@#[_ **^
M /\ A[%_P2R_Z26?L ?^)D?LZ_\ SQJ/^'L7_!++_I)9^P!_XF1^SK_\\:@#
M[_HKX _X>Q?\$LO^DEG[ '_B9'[.O_SQJ/\ A[%_P2R_Z26?L ?^)D?LZ_\
MSQJ /O\ HKX _P"'L7_!++_I)9^P!_XF1^SK_P#/&H_X>Q?\$LO^DEG[ '_B
M9'[.O_SQJ /O^BO@#_A[%_P2R_Z26?L ?^)D?LZ__/&H_P"'L7_!++_I)9^P
M!_XF1^SK_P#/&H ^_P"BO@#_ (>Q?\$LO^DEG[ '_B9'[.O_ ,\:C_A[%_P2
MR_Z26?L ?^)D?LZ__/&H ^_Z*^ /^'L7_!++_I)9^P!_XF1^SK_\\:C_ (>Q
M?\$LO^DEG[ '_B9'[.O_ ,\:@#[_ **^ /\ A[%_P2R_Z26?L ?^)D?LZ_\
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MNK_ ;X:?$32+JWL2T$EO)X@_98G\&W.H12"2&2ZOAK$U_+%#'?'4-CW5Q/\
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M_#IW_@EE_P!(T_V /_$-_P!G7_YW-??]% 'P!_PZ=_X)9?\ 2-/]@#_Q#?\
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M_P#G<U]_T4 ? '_#IW_@EE_TC3_8 _\ $-_V=?\ YW-'_#IW_@EE_P!(T_V
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M_G<T?\.G?^"67_2-/]@#_P 0W_9U_P#G<U]_T4 ? '_#IW_@EE_TC3_8 _\
M$-_V=?\ YW-'_#IW_@EE_P!(T_V /_$-_P!G7_YW-??]% 'P!_PZ=_X)9?\
M2-/]@#_Q#?\ 9U_^=S1_PZ=_X)9?](T_V /_ !#?]G7_ .=S7W_10!\ ?\.G
M?^"67_2-/]@#_P 0W_9U_P#G<T?\.G?^"67_ $C3_8 _\0W_ &=?_G<U]_T4
M ? '_#IW_@EE_P!(T_V /_$-_P!G7_YW-'_#IW_@EE_TC3_8 _\ $-_V=?\
MYW-??]% 'P!_PZ=_X)9?](T_V /_ !#?]G7_ .=S1_PZ=_X)9?\ 2-/]@#_Q
M#?\ 9U_^=S7W_0#GI0!\ ?\ #IW_ ()9?](T_P!@#_Q#?]G7_P"=S1_PZ=_X
M)9?](T_V /\ Q#?]G7_YW-?=^JZOI6A:==:OK>IZ?HVDV,?G7NIZK>VVG:?9
MQ%UC$MU>W<D-M;QEW1 \LJ*695!RP!_-GXX?\%GO^"4_[.BZBGQ5_;Y_9HL-
M1TB5[?5/#G@[XCZ5\5_&6G7$9D62VO/!'PG/C?Q?;W,;1.KVTNB+.IV!HP9(
MPP!YO^RY^R#_ ,$//VT?@3X&_:7_ &:/V#/V /B5\$OB5_PDW_"%>-?^&$/A
M-X._MK_A#O&/B'P!XC_XISQ_\&/"OBW3O[.\6^%=>TG_ (FV@V'VS[!]OL/M
M6F75E>W'O_\ PZ=_X)9?](T_V /_ !#?]G7_ .=S7\P7_!!7_@O5_P $GOV+
MO^"3W[*?[-'[2_[5G_"M?C;\-?\ A>?_  FO@K_A1G[27C'^Q?\ A,?VD_C%
MX_\ #G_%1^ /@[XJ\):C_:/A+Q5H.K?\2G7K_P"Q_;_L%_\ 9=3M;VRM_P!6
MM4_X.JO^"'>G^;]D_:T\2:WY<BHG]E_LX?M*1>>K $S1?VU\)](Q&N<,)O)E
MR#MB;C(!^D?_  Z=_P""67_2-/\ 8 _\0W_9U_\ G<T?\.G?^"67_2-/]@#_
M ,0W_9U_^=S7Y62_\'9/_!&=OM7]F?&#XJ:O]EDB3,7P8\6:+]H27?B:U_X2
MW_A'/.C38?-'RS1Y3?$/,CW\AJG_  =K?\$K8?-_L7Q%X[O]LBB#^U/#\^C^
M9#_$\OV2'7/)D7^&)//5N\R4 ?L%_P .G?\ @EE_TC3_ & /_$-_V=?_ )W-
M'_#IW_@EE_TC3_8 _P#$-_V=?_G<U^'>I_\ !W1^P'%YG]C:=!?XFVQ?VGXN
M\5Z3OM_F_>R"T^#^M^5-PF;=3*@W-_I'RC=P&J?\'<G[*LOF?V-;_#FPS-NB
M_M/7_B;J^RW^;]U)]E^&&B>;-RO[]?*3Y6_T;YAM /UD_;=_8(_X)M_LU_L7
M_M=_M&>!?^"8G_!.#5O&WP!_9@^/OQK\':7XL_8L^ U]X5U+Q5\*_A3XL\=>
M'M/\36.C^#M!U>\\/WFKZ%9V^LVNEZYHVHW&G27,-CJNG7+Q7D-;]B[]A7_@
MFA^T'^Q)^R;^TW\2O^"9W_!-?PWXH^./[+'P'^.OCVW\/_L9_ '1_!6A>(?B
M;\)O"GC[Q/;Z%%K_ (0UK4-,\,:;J>MWL6EQ:SK^K7MGI<,":AJ]_<1S7DO\
M]/[<'_!R[\/?V@?V-/VL?@MX=\4_LZQO\:OV:?CI\,;*RMA\0+KQ+-%\1_A7
MXJ\*0V&EK=ZOID$/B*8ZS'%82ZAIYMX+\QB\TJ1/,A'X&:O_ ,%S/VA?&'[/
M/[+W['_P0T+XA_%OQ1\./@;\#_@GX7\.7]IJ-SX6MM:^'WPY\-^#+32O!WPD
M\#(M]X^UNR.C1V]AKNJ-!J5[?6TEU):ZU!.9+@ _MC_:@UO_ (-]?V;-&UJ\
M_P"&!?\ @GA\0K_1%D&H7.B?LI?LP:+X TF1)/+4Z[\2];^'D?AV&UED'E1S
M^'T\3R>>8HWMD60./XY/V[O^"MW[ OB34[CPO^R]_P $X_V%(+N"^\O2KSX9
M_L@_!#P#H-CJ,$N-.NQX['PX'Q.\6:A;7BA6MO##^"] U)&BN+*_E<0LOH?@
M+_@@!_P5#_:T\#ZO^U;_ ,%*O'GC#]FOX&>%;&S\3OX*U71;?QO\=IK"_N[6
MUCLO"?[.^E:[X6\,?"K=#=K#K>H?$K7/!OB#PU9RIKNI^#_$%I%<HWZ;?L@?
M\$Q/A!X5@O\ 4/V6_@AX?^''@WPC 6\<?M5_'_Q/IVI:YH=C;0-%=ZUXX^.'
MB'3-'\->"GEM;J0:IX8^#'A?P-IVHZ?<6XUGPUKC68U:@#\._ W_  3'_P""
MP_\ P4M^#_BO]HWXE65S\)OV7/A[<2Q:E8>(9(O"4-G:Z/<6"ZO'X5^ 6C3Q
M>+=9F\)6%_;:Q<:Q\0H-$MX_#RW-W8^++J&U> ?O+_P3+_X-D_"4P\/?$3QY
MX7GM-)0VU]'\2OC#I,>J^(]:C<1S^=\.?A5,8-#TBV=1%+I?BGQ%;/<V8N([
MW1]7\0+#/:C]Y/\ @EI\>_V'I+']J'X%_L.?M/>&_P!M?]H#X:^"](^(/C_P
MKH>LWWA7X3Z]K]Q9^)=(\,:/X \:WGA[5?"U[H>HZW86?A[Q=X_\,WGCZPTB
M'6O"]UJH^>QT1/Y@M>_;\_X.=O\ @MCKNL^!?V1O@OXN_8\^ =UJVH^'M7\3
M?#W3]1^"NAZ5#87DVD:O;^)OVH_B/)8^,M<U[0+D7EMKNC_!2?0M6?RS%)X&
MGN;9: /[']!_8 _X).7'B:P_9X\8_ K]CGX^?&SP;X0F\93^$_CSX/\ @I\<
M/CU8>#9[O1-.O_&,_A_QYI.O>*_#O@Z[U34_#]M/<Z+HNA^#8]2U32XH;>&[
MU&W$_P#GR?\ !93_ (*I?\$^?C5X)^-_['O[$O\ P1M_9S_9BO-)\2:?X?\
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MO^"/ES\*9O\ @G]\%[;X*>+-1\;?#G2M1^)NDZ/XCUGP?\'? NMZA>V/Q/\
M%Z:_)KN@? O7/$G@%M>/B ZFVMZZ-<U/Q3XJU5[SQ1XVO+GQ9K&L3R 'W_\
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M^VW^Q[HGP ^+$/P4U[X>>+M6_9DO_ '[.LOCGXN>*/!$%C:6/G:=XJ\-:_\
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M _V>= 35I+5"5MWOQ<- I*Q% <5[W_PX+_ZS4?\ !?[_ ,6-_P#XG* /4_\
M@EG_ ,$&?V'_ /@D[JVH?$/X'Q_$SQY\>/$7@N\\!>*_C1\3?&EW<ZIJ7A;5
MM5T77]8\.Z7X(\,1>'?AWH^AW.N^'=$OK0S>&M6\3VD>EVEO-XJO<WDUY^U=
M?@#_ ,."_P#K-1_P7^_\6-__ (FZ/^'!?_6:C_@O]_XL;_\ Q-T ?O\ 45^
M/_#@O_K-1_P7^_\ %C?_ .)NC_AP7_UFH_X+_?\ BQO_ /$W0!^_U%?@#_PX
M+_ZS4?\ !?[_ ,6-_P#XFZ/^'!?_ %FH_P""_P!_XL;_ /Q-T ?O]17X _\
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M)A8)$LEK:Z?\1ETZRM5C$=W:^48(NJ^)?_!M[_P1B_X)\?#G2?BQ_P %"O\
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MWB/P_%KVCZI8P:GIVIZ2=8U>R-_97NG7-O>V]Q;"2.6UFCF5BCABFG_L+?\
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MPQJGB"XN=/\ !FBZ=FVU3Q=H5A+&]\VK7/\ :;7"6\]M#?3P_,7Q,_X.@?\
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M$GQ(U/0O@CIOQ+7]O'_A#V^*=_X2U36;7P'9^.E\)?\ %+MXWN-/CU\>'/\
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MI6]+1AXFM4-E(/J+]D[_ (-,?'7[.5W<>.OVN_@_^R#^U_\ V#<RWT5CKO\
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M\?Z+X&TBZU&]TKP;I'C"#14\0:9X6TZ\U?5+JRT"QU"#2K:XU"[EBM5>>1F
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MM??]% 'P!_PL;_@J;_T9O^P!_P"++/VBO_I3M? '_!+C]E[_ (*F_P#!-?\
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MW_HS?]@#_P 66?M%?_2G:^_Z* /@#_A8W_!4W_HS?]@#_P 66?M%?_2G:/\
MA8W_  5-_P"C-_V /_%EG[17_P!*=K[_ ** /@#_ (6-_P %3?\ HS?]@#_Q
M99^T5_\ 2G:/^%C?\%3?^C-_V /_ !99^T5_]*=K[_HH ^ /^%C?\%3?^C-_
MV /_ !99^T5_]*=H_P"%C?\ !4W_ *,W_8 _\66?M%?_ $IVOO\ HH ^ /\
MA8W_  5-_P"C-_V /_%EG[17_P!*=H_X6-_P5-_Z,W_8 _\ %EG[17_TIVOO
M^B@#X _X6-_P5-_Z,W_8 _\ %EG[17_TIVC_ (6-_P %3?\ HS?]@#_Q99^T
M5_\ 2G:^_P"B@#X _P"%C?\ !4W_ *,W_8 _\66?M%?_ $IVC_A8W_!4W_HS
M?]@#_P 66?M%?_2G:^_Z* /@#_A8W_!4W_HS?]@#_P 66?M%?_2G:/\ A8W_
M  5-_P"C-_V /_%EG[17_P!*=K[_ ** /@#_ (6-_P %3?\ HS?]@#_Q99^T
M5_\ 2G:/^%C?\%3?^C-_V /_ !99^T5_]*=K[_HH ^ /^%C?\%3?^C-_V /_
M !99^T5_]*=H_P"%C?\ !4W_ *,W_8 _\66?M%?_ $IVOO\ HH ^(/"?CW_@
MI'>^*?#5GXZ_9/\ V(/#G@B[\0:-;>,?$/A/_@H/\>?&GBK0?"L^HVT7B'6?
M#7@[6/\ @F5X!TGQ9X@TO2&O+W1O#.J>.O!>G:[J,%MI=]XL\.6MU+K%G]OT
M44 %%%% !17RO^V]^T'KW[*?[)WQU_:(\,^#5\>ZY\)_ UYXHLO#UPVK1Z2H
MCO+*RNO$7BB;0=.U;6[?P5X+L[RX\9^.;K2=.NM0M?!^@:Y<VB+-$DB?E+^S
M)_P5G_:.\:?LL_\ !.#XC?%G]GCPAXR\>?MI?%KX2^ ?%GQ<^ _C"RU?]FGP
M1X'^(5SX.M_^$QU/4KO6-2\0>&_BS<ZOXN;X?I^SY<3ZQXJT;QCX/^(?B#7;
M[3/"GA=;6\ /Z J^0/VO/VU?A9^Q=_PS!_PM+0/B!KW_  UC^U_\%?V*OAU_
MP@&E>'=4_L7XI_'?_A)O^$1U_P :_P#"1>*_"O\ 9WP_T[_A%=0_X2/5=#_X
M23Q%9^=9?V9X4UCS)_L_RG^P[_P4:\??M3_&33/!_C?X3>"O ?P[^.WP3^*'
M[3'[)>O^%_'>K>*O%^O_  8^#WQQT/X&^*A\9M$O_"^B:3X5\8ZS<>.?A?\
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M(KZQ5XV34/AO\;;SQ HPHW16FE:]XNO?$<BL03(]QHLA#$B*51M _1[]H?\
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ML/\ ^A]H_P"(H[_@A1_T?-_YK-^V'_\ 0^T ?O\ 45^ /_$4=_P0H_Z/F_\
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M#;7VG@'ZOT5\ ?\ #M/]G7_HHW[?_P#XMB_X*F__ $9-'_#M/]G7_HHW[?\
M_P"+8O\ @J;_ /1D4 ??]%? '_#M/]G7_HHW[?\ _P"+8O\ @J;_ /1D4?\
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M_HR* /O^BO@#_AVG^SK_ -%&_;__ /%L7_!4W_Z,BC_AVG^SK_T4;]O_ /\
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M.T_V=?\ HHW[?_\ XMB_X*F__1D4?\.T_P!G7_HHW[?_ /XMB_X*F_\ T9%
M'W_17P!_P[3_ &=?^BC?M_\ _BV+_@J;_P#1D4?\.T_V=?\ HHW[?_\ XMB_
MX*F__1D4 ??]%?@#^P+_ ,$T_C%_QFI_PW/\1OV__P#D_P#_ &CO^&._^-L7
M[=G_ "8G_P 4;_PSY_R1_P#;(_[&[_DJ/_%XO^AV_P"897W_ /\ #M/]G7_H
MHW[?_P#XMB_X*F__ $9% 'W_ $5\ ?\ #M/]G7_HHW[?_P#XMB_X*F__ $9%
M'_#M/]G7_HHW[?\ _P"+8O\ @J;_ /1D4 ??]%? '_#M/]G7_HHW[?\ _P"+
M8O\ @J;_ /1D4?\ #M/]G7_HHW[?_P#XMB_X*F__ $9% 'W_ $5\ ?\ #M/]
MG7_HHW[?_P#XMB_X*F__ $9%> ?LT_\ !-/2_P#A77B/_AHOXC?M_P#_  L#
M_AH#]K'_ (1[_C;%_P %'/\ DA/_  U/\9/^&7/^1&_;(_L7_DV7_A47_']_
MQ6/_ $43_BX'_"34 ?K]17P!_P .T_V=?^BC?M__ /BV+_@J;_\ 1D4?\.T_
MV=?^BC?M_P#_ (MB_P""IO\ ]&10!]_T5\ ?\.T_V=?^BC?M_P#_ (MB_P""
MIO\ ]&11_P .T_V=?^BC?M__ /BV+_@J;_\ 1D4 ??\ 17P!_P .T_V=?^BC
M?M__ /BV+_@J;_\ 1D4?\.T_V=?^BC?M_P#_ (MB_P""IO\ ]&10!]_T5^ /
M_!+C_@FG\8O^&$_@9_P\N^(W[?\ _P -M?\ %S?^%U?\;8OV[/\ HL7Q!_X5
MQ_R0+]LC_A4O_))?^$#_ .13_P"X[_Q4O]LU]_\ _#M/]G7_ **-^W__ .+8
MO^"IO_T9% 'W_17P!_P[3_9U_P"BC?M__P#BV+_@J;_]&11_P[3_ &=?^BC?
MM_\ _BV+_@J;_P#1D4 ??]%? '_#M/\ 9U_Z*-^W_P#^+8O^"IO_ -&11_P[
M3_9U_P"BC?M__P#BV+_@J;_]&10!]_T5^0/[6/\ P33TO_AEC]I;_AESXC?M
M_P#_  TU_P ,_P#QD_X9T_XVQ?\ !1S_ )+M_P *Z\1_\*B_Y*)^V1_PK_\
MY*!_PCW_ "//_%'?]#-_Q)?MU'[)W_!-/2_^&6/V:?\ AJ/XC?M__P##37_#
M/_P;_P"&B_\ C;%_P4<_Y+M_PKKPY_PMW_DG?[9'_"O_ /DH'_"0_P#(C?\
M%'?]"S_Q)?L- 'Z_45\ ?\.T_P!G7_HHW[?_ /XMB_X*F_\ T9%'_#M/]G7_
M **-^W__ .+8O^"IO_T9% 'W_17P!_P[3_9U_P"BC?M__P#BV+_@J;_]&11_
MP[3_ &=?^BC?M_\ _BV+_@J;_P#1D4 ??]%? '_#M/\ 9U_Z*-^W_P#^+8O^
M"IO_ -&17P!_P5'_ .":?QB_X83^.?\ P[1^(W[?_P#PVU_Q;+_A2O\ QMB_
M;L_Z+%\/O^%C_P#)??VR/^%2_P#))?\ A//^1L_[@7_%2_V-0!^_U%? '_#M
M/]G7_HHW[?\ _P"+8O\ @J;_ /1D4?\ #M/]G7_HHW[?_P#XMB_X*F__ $9%
M 'W_ $5\ ?\ #M/]G7_HHW[?_P#XMB_X*F__ $9%'_#M/]G7_HHW[?\ _P"+
M8O\ @J;_ /1D4 ??]%? '_#M/]G7_HHW[?\ _P"+8O\ @J;_ /1D4?\ #M/]
MG7_HHW[?_P#XMB_X*F__ $9% 'W_ $5^4'QJ_P""?*>"]$^&_C']EWQ]^V_>
M?%;PG^T_^QKXFO+/Q9_P4U_;S\>^%KOX-Z#^UQ\$M4_:6MO$O@7XZ?M8>(OA
M=XT\/S_LWVOQ8BUGPGXD\/:[/XCTY[G1_#FC:IXIO-$L9_U?H **** "C_/^
M<T44 %<W<^,O"%GXIT[P/=^*_#=KXUU?3+K6])\'W.N:7!XIU31K&0Q7NKZ=
MX?ENEU:]TRSE5HKJ_MK26UMY 4EE1@17"_M!>/\ Q+\)_@+\;OBGX,\+_P#"
M;^,/AI\(?B5X_P#"G@O9JLG_  E_B3P=X,UKQ%H7A?R]!T[5]=?_ (2#5--M
M-*V:+I6IZLWVO;IVGWMX8;:7^:SX]:Q\&/C'\"OVDO\ @IQX>^&WQ$\&?MR?
M!+XU_P#!.'XM?&'X%>//!&G:_P#M*?L/2_ 3XJ_"Y/BIH/@74?#>C?\ "=^)
M/@K\7_V:=2^)FN6P\.7&H?#/XR>"]=\>ZOI-A!J_BCQWX=T4 _JQHKP+]F/X
MI?%#XU?!GPO\4?BW\#-<_9P\2^,Y];UC2_A#XN\1V7B'Q]X;\#S:U?KX!NOB
M1;Z;IMCIW@_XA:_X132-?\7?#NUO/$+_  _U?4I_">H>(=1U;2M0$'OM !11
M10 445\K_MK?';XC_LT_LU^/OC5\)?@SJG[0OQ \(:G\.+?0?@SHFHW6CZSX
M]3Q;\4O!7@K6-)TG6+;2M:CTC4X-"\1:GJ=AJVJ:>WA[3+NQAOO%%WIOAR#5
M-3M #Z1M?$&@7NL:IX>LM<TB[U_0X;"YUK0[74K*XUC1[?54EDTRXU33(IWO
M=/AU*.":2PENX(8[Q(96MVD6-R->OY6?B9\.OA?9>%;C_@I=^P)X]_:]TG]J
M+Q1\4_VO(/$NB_"']C/P]\=_V@!\>/BK;^!O$0_8^_;A\+0_#SQ-XT\(? _X
M.>,/A7!X$G\,>,9[#4? TOC3P?XD\ ?&GP1X+T?PUXGU/^G'X:ZIXSUSX=>
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M8K_3-$T74)K[PEIJ>/-8NO%=QI%['XU\*Z-I-SX_\-Z!XITWP?XHL(/R!_8
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M'?@#\+/B-H.A_LIZ]^UYX+\1> _CW)\--7\!Z!K?B/X5>++3QG<3>+O'FF?
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MW[)WQ,T2S\&_LQ7_ ,6/@KX0\%?#CXB_&_QO;7/Q(?QCJ6D?%'X]Z!\ =+\
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M_#:Q\2V^B>!_&W[46M^'OAS\*]=\1?"+]MM_C+\+]'\<V'A/7].\.?%+X?\
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M^R!XTO?VM;K]JS6?CKKOB*:\UBY\+? ?XL_\$]_BIX$\(6_AW]E-] \$3_\
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M&WP]UM+&YU?3GUA[/5;R&0HH ^RZ*** "BBB@ HHHH ^-?C!^Q;X6^.?Q_\
MA'\</B!\8_CS>^'O@MXD\)>/O"7[.FG^*/!NF_L_7/Q0\!?\)0_@WXH:YH\'
LP_/Q*O/%N@S^*[RXCM[3XHV'A+59=/T,>(/"^KPZ3;Q#[*HHH **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>mimcef4058541-ncsr2x2x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x2x2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  % !8# 2(  A$! Q$!_\0
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0]?S(_E11105S/R^Y?Y'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>mimcef4058541-ncsr2x2x3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mimcef4058541-ncsr2x2x3.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  % !4# 2(  A$! Q$!_\0
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05<OB?KZ=NQ-WW?WO_,__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
